BoI and NDRC Decides to Take Measures to boost Industrial Cooperation

ISLAMABAD: Pakistan and China have agreed to fast-track the pace of industrial cooperation under the China-Pakistan Economic Corridor (CPEC) by utilising Chinese experience to ensure speedy development of special economic zones (SEZs) in the country.

The decision was taken at a meeting of the Board of Investment which was jointly chaired by BoI Secretary Omer Rasul and Chinese National Development and Reform Commission (NDRC) Deputy Director-General Gao Jian. The meeting was attended by officials from BoI and NDRC.

Rasul briefed the NDRC delegation regarding the steps taken by Pakistan to ensure early implementation of industrial cooperation. He informed the meeting that under the first phase of CPEC, various energy and infrastructure projects have begun commercial operations adding that the second phase will focus on industrial cooperation as envisioned.

He told the meeting that Rashakai SEZ in Khyber Pakhtunkhwa will be launched in September, whereas two more SEZs including China Special Economic Zone, Dhabeji and Allama Iqbal Industrial City (M3), Faisalabad would follow similar pattern of development. Moreover, the government has alerted all the relevant ministries and sufficient funds have already been allocated to start provision of utilities at the SEZs, he said.

The NDRC delegation appreciated Pakistan’s efforts and said that Chinese investors are willing to invest in the SEZs being developed under CPEC.

Deputy Director-General Jian said the industrial cooperation under CPEC can help Pakistan develop its industrial cluster based on its potentials. The Chinese side offered to train and equip Pakistan’s small and medium enterprises (SMEs), making them technologically sound and competitive to increase country’s exports.

Both sides also discussed the agenda for Joint Working Group on industrial cooperation and forthcoming Joint Cooperation Committee, expected to be held in October or November this year.