Viable But Futuristic Proposal Imperative To Get Maximum Benefits From CPEC Industrialization: DG CPEC Cell

FAISALABAD, (UrduPoint / Pakistan Point News - 02nd Mar, 2018 ) ::business community should give viable but futuristic proposal to get maximum benefits from the industrialization phase of CPEC, so that targets of GDP growth could be achieved enabling Pakistan to get a berth in 20 major economies of the world during next ten to twelve years.

Addressing a seminar on China-Pakistan Economic Corridor (CPEC), Syed Hamid Ali Director General CPEC cell of the board of Investment (BOI) said that this major infrastructural project was consisted of four Phases, adding that Ministry of Planning was responsible of its first three phases including Gwadar sea port, IPPs and infrastructure development from Gwadar to Hurmchi.

He said that fourth and final phase was the industrialization stage which had been entrusted to BOI. It is actually a long term plan which will be completed by 2030, and during this phase special incentives would be offered to investors who will set up industries in nine proposed Special Economic Zones (SEZs) across the country.

He clarified that all investors including Chinese will get the same facilities from the Pakistani side. Regarding relocation of Chinese industries, he said that they are interested to invest in Textile, Steel & Iron, Mining and Agro base industries.

He further told that special incentives would also be offered to industries that will use local raw material and provide maximum jobs to Pakistani workers with minimum value addition of 20% in addition to exporting 80% of their products.

He encouraged the proposals of lunching maximum joint ventures and said that BOI is fully convinced to promote this mode of cooperation as it will help Pakistan to upgrade its industrial sector with use of new technologies.

"On the other hand, the re-location of industries will help Chinese to avail from our cheap labor," he added. About the marketing of SEZs, he said that a road show will be arranged in UK on March 26, 2018.

Similar road show would also be arranged in China, USA and other countries to attract maximum investors, he added. He said that BOI is offering the facility of One Window Operation (OWO) to facilitate the potential investors in addition to upgrading its website.

He further told that BOI is cooperating with CPEC center of excellence, where at least 50 Phd scholars are working exclusively on the pros and cons of this mega project. He requested president FCCI to submit viable proposals to start joint venture with Chinese investors.

He assured to provide a standardized format to get required information from FCCI members who are willing to launch joint venture with their Chinese counterparts. In his welcome address, President FCCI Shabbir Hussain Chawla said that China is under taking five corridors under "one belt one road" initiative and among these CPEC has attained distinctive position as a flagship project.

He said that realizing the importance of investment of $60 billion FCCI had established a CPEC cell in FCCI last year. A standing committee on CPEC has also been created to concentrate on CPEC related issues.

This committee has so far published two study reports on different aspects of CPEC, he said and added that FCCI had also arranged Chinese Language Courses to help Pakistani businessmen to easily interact with their Chinese counterparts.

He further told that a Chinese economic desk will also be established very soon in FCCI. "It will provide necessary information to our members to interact with Chinese who are interested to establish their industrial units in this region," he added.

A documentary about BOI was also screened while Shabbir Hussain Chawla gave Syed Hamid Ali a FCCI memento while Sheikh Khalid Habib presented him a gift of books published by FCCI on CPEC. APP/aar/ia/zqr