ISLAMABAD, Pakistan: Establishment of Special Economic Zones (SEZs) under China Pakistan Economic Corridor (CPEC) framework based on Chinese experience coupled with active involvement of private sector will be launched soon in the country which would attract both local and foreign investors throughout the country.
It was agreed in 6th Joint Cooperation Committee (JCC) to ensure transfer of knowledge in multiple sectors including industrial cooperation between the two countries, an official in ministry of Planning and Development told the state-run news agency in Islamabad on Monday.
He said in this regard a seven-member Chinese expert group led by Du Zhenli, Director China International Engineering Consulting Corporation had recently visited Pakistan and has conducted workshops in Karachi and Lahore in addition to undertaking visits to sites of SEZs in Sindh and Punjab.
The basic idea of an industrial corridor is to develop a sound industrial base, served by competitive infrastructure for attracting investments into export oriented industries and manufacturing, he added.
Such industries have helped succession of countries like Indonesia, Japan, Hong Kong, Malaysia, South Korea, and Taiwan, China and now even Vietnam rise from low-cost manufacturing base to more advanced high-end exports, he added.
He underscored that development of SEZs will lead to reduction in the cost of doing business, increase in industrial productions and exports, creates jobs and enhance the rate of return to the developers and investors.
He reiterated that the SEZs would play a pivotal role in the economic development of Pakistan as has been witnessed in case of China, and other states.
He highlighted that Pakistan offers a good environment to investors, with complete freedom of choice regarding location of activities and full repatriation of capital, profits and dividends.
