ISLAMABAD: The first meeting of recently reconstituted China-Pakistan Economic Corridor (CPEC) Business Council was held under the chair of Adviser to PM for Commerce and Investment Abdul Razak Dawood, here at the Board of Investment (BOI) aimed at creating an interface between the government and business community, and to further industrial cooperation between Pakistan and China.
The meeting was attended by Minister of State, and BOI chairman Atif R Bokhari, CPEC Authority chairman Asim Saleem Bajwa, BOI secretary Fareena Mazhar, members of the council and officials.
Fareena Mazhar briefed the participants on the role of CPEC Business Council, progress on industrial cooperation and proposed
initiatives for enhancing B2B collaboration under the CPEC.
Abdul Razak Dawood, in his opening remarks, said the CPEC was moving to a new direction of industrial and agriculture development, which needed bigger role of the private sector combined with technology companies.
The government would facilitate at the maximum level to ensure the establishment of large-scale manufacturing units and information technology zones under the CPEC, he said.
He further highlighted Pakistan’s potential in petrochemical, steel manufacturing and IT sectors, appreciating the recommendations provided by the members for the development of projects in these sectors with the help of Chinese and other potential investors.
BOI chairman Aatif R Bokhari said the government is fully committed to ensure a business-friendly environment by providing competitive incentives to the industry.
He informed that efforts were being made to achieve the efficiency in Special Economic Zones (SEZs) by placing one-window operation matching with the global practices.
“Rashakai would be a model zone to be established, followed by Dhabeji, which is uniquely placed and open for local and foreign investors equally,” he added.
Earlier, the members proposed inclusion of new sectors and projects in the CPEC.
It was proposed that petrochemical and its domestic production at competitive prices require establishment of petrochemical cracker and it is a best possible option to include this project into the CPEC.
It was highlighted that tourism sector could be promoted by offering incentives and financial support.
It was further suggested that one-window facilitation for economic zones be made in place under one authority represented by all the concerned ministries to make the country an investment-friendly destination.
Private sector representatives further recommended that the RMB transaction should be facilitated for bilateral trade and investment with China.
In addition to business visas, facilitation in getting work visa for foreign experts be enhanced.
It was recommended that infrastructure development such as manufacturing of hardware in IT sector would help to grow, expand, and boost the economy.
Pakistani institutes may take advantages of Chinese advancement in IT sector by ensuring transfer of technology.
It was highlighted that Thar, being a place of cheap and sustainable energy resources, could be an obvious choice for big industry such as petrochemical and naphtha cracker.
Industrial cooperation is a vital part of the CPEC, and government should facilitate to expedite development of infrastructure in the SEZs.
Financing for second phase of the CPEC be provided by Pakistan side too in the shape of incentives.
Copyright Business Recorder, 2020