The Special Economic Zones (SEZs) under the China-Pakistan Economic Corridor (CPEC) are not just limited to Chinese enterprises and all industrial ventures are open for participation by the third countries as well, said Board of Investment (BOI) Secretary Fareena Mazhar.
Speaking virtually at the Belt and Road Investment Promotion Conference held at Ningxia Hui Autonomous Region, China on Friday, she welcomed the high quality investment in Pakistan aimed at enhancing business-to-business and person-to-person cooperation.
“Since the launch of CPEC, China has emerged as the largest investor in Pakistan with investment inflows of $8 billion and outsourcing of $2.1 billion, contributing 36% to the net investment in Pakistan,” she told the conference participants.
Capitalising on the opportunity, she highlighted the incentives offered by Pakistan to the international investors such as one-time customs duty exemption and 10-year income tax holiday for both the SEZ developers and enterprises.
Online portals developed by the BOI in collaboration with the China Council for International Investment Promotion were also available to facilitate the SEZ investors, she said.
Predicting the strongest post-recession recovery in 80 years and estimating global expansion of 5.6% in 2021, she said that a world of opportunities had opened up, setting the fundamentals of industrial and business-to-business cooperation.
Under the theme of “Opportunities, Future, Sustainability”, the event participants witnessed the signing of multiple contracts.
Ningxia Communications Construction Company signed an agreement valuing at around $43 million with Nauman Construction Company of Pakistan for highway construction including a cross-railway bridge till Multan.
Construction was expected to start shortly and conclude in about two years, company staff told the China Economic Net (CEN).
Hosted by the Chinese Ministry of Commerce and the government of Ningxia Hui Autonomous Region, the conference was aimed at promoting joint construction of the Belt and Road Initiative and two-way investment for sustainable development.
The conference was part of the fifth China-Arab States Expo inaugurated in Ningxia on Friday.
The event was attended by Chinese Vice Minister of Commerce Qian Keming, Vice President of Export-Import Bank of China Sun Ping, China Centre for International Economic Exchanges chief researcher Zhang Yansheng and officials from the China International Contractors Association.
Moreover, representatives of China Communications Construction Group, KPMG and senior guests from Egypt and the UAE were also present on the occasion.