CPEC Body Emphasizes On Attracting FDI In CPEC-SEZs

The Parliamentary Committee on China-Pakistan Economic Corridor (CPEC) on Monday emphasized on the need to move towards Ease of Doing Business (EODB) so as to attract massive local and Foreign Direct Investment (FDI) in Special Economic Zones (SEZs)

ISLAMABAD, (UrduPoint / Pakistan Point News - 31st May, 2021 ) :The Parliamentary Committee on China-Pakistan Economic Corridor (CPEC) on Monday emphasized on the need to move towards Ease of Doing business (EODB) so as to attract massive local and Foreign Direct Investment (FDI) in Special Economic Zones (SEZs).

The Committee observed that the establishment of Special Economic Zones (SEZs) would be futile, if industries are not installed there timely.

Chaired by Sher Ali Arbab MNA in Parliament House, the 37th meeting of the Committee highlighted that quarters concerned should incentivize industries in SEZs in such a way that SEZs established in Pakistan could compete with other countries in the region. It directed the issues pertaining to sale and cancellation of plots in SEZs needs to be resolved at the earliest so that the process of establishing industries in SEZs could be expedited. THE committee also observed that apart from focusing on agriculture and industrial sector, the untapped potential in tourism should also be exploited. A lot of revenue and employment opportunities can be generated by establishing integrated tourism zones in the country under CPEC framework. The Committee was briefed by Additional Secretary, M/o Planning, Development and Special Initiatives, Secretary Ministry of Defence, Secretary, board of Investment, Secretary, Power Division, Secretary, Petroleum Division, Secretary, M/o Railways, Chairman, FBR, Managing Directors, SNGPL, SSGC and NTDC, CEO, FIEDMC, CEO, SEZDMC, CEO, KPEZDMC, CEO, PESCO, CEO, KPBOIT regarding Security measures for projects under CPEC framework, Mainline-1 (ML-1) project with special focus on ET component and updated progress on special economic zones.

The Committee, while receiving the briefing on security measures for projects under CPEC framework, maintained that issues faced by SEZs in terms of security measures affect businesses. It said that measures which could thrive businesses in Pakistan should be made our top priority because economic stability will lead to peace and security in Pakistan.

The goals envisaged under CPEC cannot be achieved without local ownership therefore issues faced by locals in terms of security arrangements should be resolved at the earliest so that local ownership of CPEC projects could be secured.

While passing through security check-posts locals as well tourists should be dealt with politeness and their self-respect should be maintained. The Committee remarked that the world is increasingly moving towards adoption of modern technologies.

Adding Electric Traction (E.T) component in Mainline-1 (ML-1) project after 8 to 10 years would become obsolete and costly. Given the huge benefit of E.T component in ML-1 in terms of its pay back, cost and compatibility with environment, "We need to move towards its adoption right from now and upgrade existing infrastructure of project to the electric traction."The meeting was attended by MNA Noor Alam Khan, Sadaqat Ali Khan Abbasi, Mir Khan Muhammad Jamali, Ms. Nafeesa Inayatullah Khan Khattak, Ghous Bux Khan Mahar, Sardar Ayaz Sadiq, Murtaza Javed Abbasi, Ms. Mehnaz Akber Aziz, Zahid Akram Durrani, and Muhammad Aslam Bhootani.