Political stability coupled with positive and long term economic policies will make Faisalabad one of the fastest growing industrial, commercial and business hubs of this region, said Shabbir Hussain Chawla president Faisalabad Chamber of commerce and Industry (FCCI).
Addressing the participants of 48th International Banking Course of the National Institute of Banking & Finance (NIBAF) Islamabad, he said regional trade with our next door neighbouring countries India, Afghanistan and Iran is only 5 percent which should be at least 40 percent to trigger much needed economic growth in south Asia.
He told that 'One Belt One Road' will link Faisalabad with more than three dozen central Asian States as well as Middle East and major European markets. "This will give a quantum jump to bilateral trade in addition to increasing the Pakistani exports manifold", he said and added that investment of $60 billion under CPEC will further attract investment of $150 billion from the other countries.
He said three initial phases of CPEC including Gwadar Deep Sea Port, Independent Power Plants (IPPs) and Infrastructure Development have already been completed while under its fourth and last phase; nine Special Economic Zones (SEZ) would also be developed across the country. He told that first special economic zone is under construction in Gwadar while another will be developed in Faisalabad. "However, government has yet to decide the site of remaining seven special economic zones", he added.
He told that negotiation regarding this fourth phase is continuing between the two governments and FCCI has communicated its reservations and demanded that China should not be allowed to set up industrial units with 100 percent equality and condition of mandatory local partner should be brokered to strengthen our local industrial sector.
He said tax holiday of ten years will be granted to industrial units to be established in the SEZs in addition to providing them duty free imports of machinery for these units.
He said that R&D cell of FCCI is continuously analysing economic reports and giving its recommendations to facilitate the members of FCCI. Similarly a help desk of SMEDA has been providing guidance to the new entrants, while State Bank is extending them facility of finance on reduced mark up rates.
He further told that Pakistan was badly affected due to shortage and high cost of energy. However the supply side has improved considerably during last one year, but cost is still a major problem that is haunting the textile export sector. He told that government has provided rebate to make our exportable surplus competitive in the international markets.
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