BOI Emphasizes To Expedite Relocation Of Chinese Industry In SEZs
Sumaira FH 14 days ago Sun 28th March 2021 | 03:10 PM
ISLAMABAD, (UrduPoint / Pakistan Point News - 28th Mar, 2021 ) :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.
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.
Both sides also discussed the interest of Chinese enterprises in Rashakai.
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 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.
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.
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.