ISLAMABAD, the Parliamentary Committee on the China Pakistan Economic Corridor (CPEC) was informed by Minister for Planning, Development, and Special Initiatives Asad Umar on the Prime Minister’s recent visit to China and its implications for CPEC.
He briefed the Chinese firms that met with the prime minister in detail, and much groundwork had already been done before to the visit to demonstrate the areas where Chinese companies might be enticed to invest in Pakistan, particularly those with export potential.
Comparative data on incentives in the area was shown, showing that Pakistan has a big advantage over other special economic zones around the world.
The textile, footwear, pharmaceutical, and information technology sectors were highlighted. Despite COVID, Pakistan has a lower debt-to-GDP ratio than other nations. Chinese firms expressed an interest in investing and relocating their operations to Pakistan.
The Chinese want to develop a metal and paper recycling plant in Gwadar for export purposes. Another business is setting up a special economic zone on the Lahore-Kasur highway to make it easier for businesses that deal with cotton and dairy to start up.
Artificial intelligence in the information technology field is the world’s biggest chance, and Pakistan has a lot of room to teach its young and help people grow.
A Chinese textile manufacturer shipped 60 million US dollars worth of goods near Lahore, where 2000 Pakistanis labor in one shift. Thousands of jobs would be generated as a consequence of increased Chinese investment throughout Pakistan’s various industries. Also, the Secretary of the Ministry of Foreign Affairs told the Committee about this trip.
The committee lauded the government’s efforts to stimulate the economy via export-oriented manufacturing.
Boards of Investment and Power should meet with people from Dhabeji’s and Faisalabad’s Special Economic Zones to work out problems and make them more attractive to foreign investors. This is what the committee said.
Additionally, the chairman of the National Highway Authority (NHA) told the committee that the right of way to the Rashakai Economic Zone would be given quickly once the management authority files the relevant documentation.
The Secretaries of the Interior Ministries of Pakistan and Khyber-Pakhtunkhwa told the committee about the steps they took to keep Chinese workers safe on CPEC and non-CPEC projects.
Noor Alam Khan, MNA; Sadaqat Ali Khan Abbasi, MNA; Umar Aslam Khan, MNA; Nafeesa Inayatullah Khan Khattak, MNA; Ahsan Iqbal Chaudhary, MNA; Murtaza Javed Abbasi, MNA; Mehnaz Akber Aziz, MNA; Raza Rabbani Khar, MNA; Muhammad Aslam Bhootani