LAHORE: S M Naveed, Chairman Special Economic Zones Authority (SEZA) shared during a meeting held on Monday at his office that Pakistan is currently developing five out of nine SEZs nominated under CPEC including Allama Iqbal Industrial City in Faisalabad, Punjab, Dhabeji SEZ in Sindh, Rashakai SEZ in Khyber Pakhtunkhwa and Boston SEZ in Balochistan. Another fast-track SEZ is in Gwadar namely Gwadar Free Zone which is also under progress.

He added that the first phase of Gwadar Free Zone at an area of 60 acre land is already fully functional while the mighty second phase spanning over 2200 acres of land is under construction.

Both Pakistani and the Chinese authorities reviewed progress on Special Economic Zones; they had a common notion that SEZs would help boost economic activity in the country, generate employment opportunities and earn foreign exchange.

S M Naveed, added that numerous Chinese companies’ representatives had visited Pakistan to discuss some outstanding issues and were informed that all issues on way to make these projects a success, would be resolved on priority. Pakistan is interested to relocate the Chinese industries in the CPEC SEZs to benefit from the expertise of the companies.

Textile, information technology, agriculture, science and technology sectors, and mining sectors are the key areas in which Pakistan is keen to bring foreign direct investment in a bid to boost exports and to substitute the country’s imports. The upcoming projects in CPEC would mainly be in these sectors which would act as dual-beneficial tool, cutting down the country’s imports and increasing the exports.

S M Naveed, Chairman SEZs shared that all the notified SEZs together in across the country, account for approximately 10,029.64 acres of industrial land out of which 5,220.62 acres (52%) have been allotted to investors for setting up of industry with planned investments of Rs 633.9 billion, 43.6% of this comprises of FDI component (USD 1.73 billion).

He added that I believe China-Pakistan Economic Corridor is a rare opportunity for Pakistan to boost its economy and overcome deepening economic recession. Since, the country is facing trade deficit, depleting reserves, a declining rupee value and number of other challenges; this initiative can turn things around leading the country to economic stability.

Copyright Business Recorder, 2022