Export Oriented Industries Being Established Under China Pakistan Economic Corridor In Pakistan

Pakistan CPEC

(B – Trams  / MAR 3 ,2022 / 11:00 P M )

ISLAMABAD: The Parliamentary Committee on China Pakistan Economic Corridor (CPEC) was briefed on Thursday by the Minister for Planning, Development and Special Initiatives Asad Umar on recent visit of the Prime Minister to China with reference to CPEC.

He gave a comprehensive briefing of the Chinese companies which held meetings with the prime minister and a thorough ground work has already been done before the visit to show case the areas where Chinese companies could be lured to invest in Pakistan, especially where Pakistan have a potential to export its produce.

A comparative incentive based data in the region was shared where Pakistan had edge over other special economic zones in the world.

The focus was mainly on textile, footwear, pharmaceutical and IT Sectors. In spite of COVID, Pakistan had fared better in terms of debt to GDP ratio as compared to other countries. Chinese companies showed interest to invest and relocate their industries in Pakistan.

Chinese are going to establish a metal and paper recycling project in Gwadar for the purpose of export. Another company is going to establish special economic zone on Lahore-Kasur road for the establishment of cotton and dairy related industries.

Artificial intelligence in IT sector has the biggest opportunity in the world where Pakistan has great potential to train its youth and bring human development.

A Chinese textile company has exported to the volume of 60 million US Dollars near Lahore where 2000 Pakistanis are working in one shift.

Thousands of jobs will be created as a result of more Chinese investment in different sectors of Pakistan. Secretary, Ministry of Foreign Affairs also briefed the Committee on this visit.

The committee appreciated the steps taken by the government to boost the economy through export based industry.

The committee recommended to the board of Investment and Ministry of Power to sit with the Special Economic Zone Dhabeji and Allama Iqbal Industrial City, Faisalabad respectively to resolve their issues in order to make these zones lucrative for foreign investment.

Chairman, National Highway Authority (NHA) also assured the committee that right of way to Rashakai Economic Zone would shortly be granted after the necessary documents were submitted by its management authority.

The Secretary, Ministry of Interior, Government of Pakistan and Secretary, Home and Tribal Affairs, Khyber-Pakhtunkhwa also briefed the committee on different steps taken for providing security to the Chinese workers on CPEC and Non-CPEC projects.

Source : A P P