The Board of Investment (BoI) has constituted China Pakistan Economic Corridor (CPEC) Business Council aimed at accelerating the processing of industrialization in the country under the umbrella of CPEC. The inaugural meeting of the CPEC Business Council is scheduled to be held on Friday (today) under the chairmanship of Prime Minister's Advisor on Commerce, Textile, Industries and Production and Investment, Abdul Razak Dawood to be co-chaired by the Minister for Planning, Development and Reforms, Makhdoom Khusro Bakhtiar.
The Terms of Reference (ToRs) of the Business Council which has an advisory role will be as follows: (i) to be a consultative forum between business community and government on matters related to private investment under CPEC; (ii) to make specific recommendations for private sector for private sector investment in Pakistan under industrial cooperation; (iii) to propose feasible projects for investments for discussion with Chinese business companies; (iv) to formulate strategies for expediting ongoing and future B2B projects particularly industrial cooperation and devaluation of Gwadar as an industrial and commercial hub; (v) to discuss and explore opportunities and develop new investment model for future projects of CPEC; (vi) to advise on developing an integrated approach on future development of industrial cooperation under CPEC with special focus on agriculture, industry, housing, tourism and any other potential area or sectors in the CPEC's long- term plan; and (vii) to advise on any of the issue referred by the concerned ministries.
The Business Council on CPEC is initially formulated for a period of two years from the date of notification issued on March 27, 2019 and would automatically stand dissolved on the date of expiry of its term unless further extended through a notification by the competent authority.