China Pakistan Economic Corridor (CPEC) initiative is getting closer to the relocation of Chinese industries and large-scale investment in Pakistan. Federal Minister for Planning, Development & Reform Khusro Bakhtyar says that the industrial framework agreement with China will help relocation of Chinese industries and large-scale investment in Pakistan. Chairing a review moot on Pak-China Industrial Cooperation he directed for the provision of utilities to first CPEC Special Economic Zone at Rashkai. Secretary Planning Zafar Hasan, Project Director CPEC Hassan Daud, officials from Board of Investment, Ministry of Energy and Khyber Pakhtunkhwa government set around the table.
The next Joint Cooperation Committee meeting is likely to sign an industrial cooperation framework. It will help the relocation of Chinese industries and large-scale investment in Pakistan. “The 8th JCC would be the foundation to ensure implementation of this important sector,” the minister said. Highlighting the importance of Special Economic Zones, he said the industrial parks would be aligned with locally available resources.
The government will promote such investments that help in import substitution, value addition of the products in order to help to balance Pak China trade. The minister stressed on KP Government to develop Rashkai only for industrial purposes and discourage real estate business.
He reiterated that the government would provide all type of utilities to Rashkai economic zone. He instructed concerned ministries to ensure the provision of utilities including natural gas supply and connecting the zone with a national grid to ensure power supply in line with the development of this zone. Minister asked the KP government to make all arrangements for the equal participation of local investors in Rashakai zone. Officials from and Board of Investment, the Prime Minister Office and KP Government briefed the meeting about industrial cooperation and development of Rashkai Economic Zone.n
