Incentive package for Chinese industries to be relocated in 9 prioritised Special Economic Zones in Pakistan is likely to be announced by Prime Minister Nawaz Sharif during his visit to China. Prime Minister Nawaz Sharif is paying a visit to China at the invitation of Chinese President Xi Jinping. He along with chief ministers, federal ministers and others is attending the two-day 'Belt and Road Forum for International Co-operation,' starting in Beijing on Sunday (today).
A spokesman of Board of Investment (BoI) told Business Recorder that the incentive package is prepared by the Board in consultation with all provincial governments, federal ministries and businessmen, etc. He maintained that two Chinese delegations of experts will visit these prioritised 9 SEZs in July 2017 to study the suitability of these zones and investment prospects there.
He said that these 9 prioritised zones are not yet approved but soon after relocation of Chinese industries, they will start in a big way. The Board has also established CPEC-SEZ Cell for the purpose of facilitating stakeholders on the matters relating to China-Pakistan Economic Corridor (CPEC) and Special Economic Zones. The Board has been assigned the lead role to oversee the industrial co-operation from Pakistan's side and BoI Chairman is also serving as convenor of the Pakistan side of Joint Working Group (JWG) under CPEC.
In November 2016, the federal government had announced a plan to establish 29 SEZs in all four provinces, Islamabad, Kashmir and Gilgit-Baltistan. Under the SEZ Act 2012, about 41 special zones have been identified so far all over the country and 7 of them have already been notified by the federal government including Khairpur Special Economic Zone, Korangi Creek Industrial Park, Bin Qasim Industrial Park in Sindh, Quaid-e-Azam Apparel Park, Sheikhupura, M-3 Industrial City, Faisalabad, Value Added City, Faisalabad, and Hattar Economic Zone, Haripur.
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