CPEC is driving force for economic growth, prosperity

ISLAMABAD: The Board of Investment (BOI) has said the development in trade and Industry is main gain from China Pakistan Economic Corridor (CPEC) as a driving force for economic growth and prosperity in the country.

Industrial Cooperation is the main component of CPEC, on which the sustainability of whole CPEC project is dependent, said in statement issued by BOI here on Friday.

Spokesman and Additional Secretary of BOI, Shah Jahan Shah said in addressing to consultative Session on CPEC Challenges and Opportunities was held at Karachi Chamber of Commerce and Industry (KCCI) jointly organized by BOI and Ministry of Planning Development and Reform with KCCI.

He said the role of private sector is more crucial and important in this phase of CPEC.

Shah Jahan expressed the view that transparency is very much there and government is committed to facilitate the private sector in their endeavors.

Whatever information is available is being shared with the private sector rather private sector is a part and parcel of each such initiative, he added.

In his welcome remarks, President, Karachi Chamber of Commerce and Industry (KCCI) Shamim Ahmed Firpo stated that China Pakistan Economic Corridor is gaining the attention of entire world.

He said it is not a game changer rather it has changed the game and this is reflected from the fact that now almost all prominent hotels in Karachi are occupied 100 %.

CPEC would also bring a revolution in physical infrastructure, energy and human resources, he added.

He said that CPEC would also help Pakistan in technological advancement and with a great infrastructure it would improve connectivity.

Mr. Firpo said that CPEC has the capacity to accelerate the local economy by increasing the demand for locally-manufactured goods.

President KCCI said that CPEC will generate much needed employment opportunities, and will also contribute a sizeable amount of revenue to the national exchequer as well as transfer of technology, he added.

He was of the view that there is a need to bring more transparency in all affairs of CPEC to reduce the apprehensions in the private sector of Pakistan.

Director, Policy and Planning of BOI, Zuhfran Qasim gave a detailed presentation on Special Economic Zones (SEZs).

He highlighted the framework and role of BOI in SEZs.

He explained the additional incentives under re-location of industries from abroad along with policy guidelines.

Mr. Qasim highlighted that relocation of Chinese industry to Pakistan will not only enhance the low-skilled labour-intensive market's production efficiency in Pakistan, but will also be eventually instrumental in technology transfers, channelizing the economies of scale.

He emphasized that Pakistan needs a shift from resource-based and low technology exports to the adoption and development of medium- and high-technology productions, and technological sophistication.

Almost 80 per cent of Pakistan's exports are resource-based items.

More than 100 members of the Chamber as well as Mr.Tony Yang, Consular Attache, Consulate General, China attended the session.