China-Pakistan Economic Corridor: 'Signing of FA leads to prosperous, industrial Pakistan'
ISLAMABAD: Minister of State/Chairman Board of Investment (BoI), Prime Minister's Office, Atif R Bokhari said that signing of a mutually-beneficial Framework Agreement on Industrial Cooperation (IC) under the China-Pakistan Economic Corridor (CPEC) would realise the vision of special economic zones' development, ultimately leading to a prosperous and industrial Pakistan.
He expressed these views, while addressing a consultative forum on Draft Framework Agreement on IC under the CPEC, organised by Project Management Unit (PMU), BoI here at a local hotel on Tuesday.
The conference was attended by Fareena Mazhar, secretary BoI, officials from line ministries and provinces, academia, and representatives of various chambers of commerce and associations. Bokhari said that the first phase of the CPEC required the leading role of the government, while the second phase required a 180-degree change in management and roles of actors.
"It calls for enhanced role of industrialists, the private sector, and the business community, while the government's role would only be that of a facilitator by devising effective policies, laws, and efficient infrastructure, to facilitate B2B and people-to-people linkages," he pointed out. The chairman BOI said that the draft Framework Agreement on IC was being aligned with the long-term framework of the CPEC.
"A world of opportunities will open up by setting the fundamentals of Industrial Cooperation under CPEC and it is high time for all of us to tap the right opportunities at the right time" he affirmed. He appreciated the PMU of the BoI on the CPEC IC for obtaining stakeholders' input and organising this consultative forum with the true essence of an all-inclusive approach to devise a bona fide document that would create a pragmatic impact on the country's economy.
He informed that significant progress had been achieved on the SEZs development and colonization during the last few months wherein four CPEC SEZs; Rashakai SEZ in Khyber Pakhtunkhwa, Dhabeji SEZ in Sindh, M-3 Allama Iqbal SEZ, Punjab, and Bostan SEZ Balochistan were now in advance stage of development.
The geographical proximity between China and Pakistan will allow these SEZs to foster economic interdependence for mutual economic advantage, he added. Secretary BOI Fareena Mazhar, while highlighting the role of BoI being a lead agency for IC under CPEC, shared the journey of the CPEC and its future action plan, conceived for its second phase that includes development of SEZs agricultural cooperation, relocation of Chinese industries into Pakistan, public-private partnerships for business prospects and creation of vocational training and employment opportunities.
She said that Pakistan and China were agreed to elevate the MoU on IC into a Framework Agreement that were focusing on SEZs development and B2B joint ventures as core elements of IC under the CPEC. She informed that serious efforts for provision of gas and electricity were underway to ensure those basic utilities alongside development of Rashakai SEZ, Allama Iqbal Industrial City, Faisalabad, and Dhabeji SEZ.
Copyright Business Recorder, 2020