Prime Minister Shehbaz Sharif on Wednesday said the government was committed to completing Special Economic Zones (SEZs) at the earliest to ensure development and prosperity in the country.
During his visit to Rashakai Special Economic Zone, he said all problems and hurdles in the smooth execution of SEZs would be addressed on a priority basis.
PM Sharif said focusing on establishing SEZs across the country would boost industrialization, and exports and generate employment.
He said the solution to Pakistan’s economic problems was massive industrialization and diversifying the export base.
Read more: Developing and operationalizing SEZs in Pakistan
He said massive economic activity in the country would create employment, encourage exports and stimulate import substitution.
The prime minister said nine Special Economic Zones (SEZs) had been planned to be developed in Pakistan aimed at promoting industrial infrastructural and technology transfer.
He said China had switched to high-tech industrial projects and invited the Chinese companies to invest in Pakistan.
Minister Iqbal chaired progress review meeting on #SpecialEconomicZones under #CPEC. Secretary BOI gave briefing on issues, proposed solutions, SEZ Acts & on going projects. "SEZs should be marketed as industrial zones to attract foreign direct investment" directed the Minister pic.twitter.com/tsdr7Mo9sO
— M/o Planning Development & Special Initiatives (@PlanComPakistan) June 15, 2022
He said the Chinese expertise in technology and the cheap labour of Pakistan could act in a balance to benefit both sides.
The prime minister proposed the launch of roadshows in China to highlight Pakistan’s potential for trade and investment.
He emphasized on sharing of expertise between the two countries and the need to further augment development by exploring areas in Khyber Pukhtunkhwa and other parts of Pakistan.
He directed the authorities to follow the timelines of the projects related to SEZs and announced holding a virtual meeting in the future to sort out ways for improvement.
Read more: Special Economic Zones (SEZs): The Economic Gold Mines
PM Sharif said with the China Pakistan Economic corridor entering the most crucial second phase of implementation, it was important to focus on the establishment of SEZs to make them the model of development.