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Friday, May 24, 2024

BOI emphasizes to expedite relocation of Chinese Industry in SEZs

China and Pakistan have negotiated in detail on the development progress and marketing plans for Rashakai Special Economic Zone (SEZ) and other matters of mutual interest.

Minister of State and Chairman Board of Investment (BOI) Atif Bokhari on Sunday emphasized that Pakistan and China need to focus and work towards expediting the relocation of Chinese Industry in the Special Economic Zones (SEZs) including Rashakai SEZ.

In his remarks Chairman BOI, Atif Bokhari welcomed the delegation and praised China Road and Bridge Corporation (CRBC’s) impressive work in the Rashakai SEZ.

China and Pakistan have negotiated in detail on the development progress and marketing plans for Rashakai Special Economic Zone (SEZ) and other matters of mutual interest, said a press release issued by BOI here.

Vice President, China Road and Bridge Corporation Mr. Sun Yaoguo and his delegation called on MOS/Chairman Board of Investment (BOI) Atif Bokhari at the BOI office. Both sides also discussed the interest of Chinese enterprises in Rashakai.

Read more: Rashakai SEZ to offer lucrative investment opportunities

While in meeting Chairman BOI concurred with Mr. Sun for perusal of an aggressive marketing campaign that effectively highlights the monetary benefits for investors.

In this regard Chairman BOI appraised the delegation about approval of two major incentives for SEZs i.e. custom and duty exemption on capital goods and elimination of 1.5 percent turnover tax.

He applauded the work being carried out by CRBC in Pakistan. He assured the delegation that BOI will support CRBC in coordination with relevant departments and Ministries as well as offering assistance within BOI’s mandate.

BOI looks forward to closely working with CRBC to not only facilitate their progress in Pakistan but also to jointly work towards Pakistan’s fast paced industrialization.

He also shared that domestic companies have shown keen interest in setting up enterprises in the Rashakai SEZ and desired that this should be looked into.

On a suggestion from CRBC to effectively communicate with the Chinese business community about incentives and sectors for investment, Mr. Bokhari agreed and further suggested that he will be part of a webinar on the issue.

In meeting Vice President of CRBC,Mr. Sun Yaoguo informed that development work of Rashakai SEZ is being carried out at a fast pace and to that end respective teams have already been mobilized.

He highlighted that aggressive marketing of the SEZ to local and foreign investors is crucial for its speedy occupation and operationalization.

He further said that the standard of services combined with the attractive incentives offered by the Government of Pakistan, Rashakai has the potential to become a hub of economic activity. Additionally, Rashakai SEZ is the flagship project of CPEC and its success will further strengthen Industrial Cooperation between Pakistan and China.

Read more: Why Pakistan’s SEZ law may need fixing?

During the meeting, Mr. Sun also briefed about CRBC’s mega project in Karachi.

The Karachi Coastal Comprehensive Development Zone in collaboration with the Ministry of Maritime Affairs aims at developing Karachi as a regional hub for economic activity while simultaneously generating employment opportunities for millions and bringing in sizable FDI.

Vice President Mr. Sun thanked Chairman BOI for his time and also assured of CBRC’s dedication for successful execution of the ongoing projects.

Courtesy: APP