Sites for economic zones identified
Punjab, Sindh and Khyber-Pakhtunkhwa informed the federal government about potential sites for setting up of economic zones and industrial parks along the China-Pakistan Economic Corridor (CPEC).
The economic zones and industrial parks would generate enormous job opportunities in the country, officials of the three provinces told a meeting of the Planning Commission Working Group on CPEC, chaired by Planning and Development Minister Ahsan Iqbal.
In their presentations, the officials explained about the development of new industrial estates and parks in potential areas along the corridor and development of road linkages with existing industrial estates, with focus on provision of road networks and improvement of logistics. Officials further explained that investors would be provided with one-window facilitation to make investments in these proposed zone.
Under consideration incentives include exemption on custom duties, exemptions on custom duties for initial import of capital goods, machinery and equipment for establishment of industry.
Iqbal suggested the provinces to come up with proposals as to how the economic zones in CPEC can be made attractive for investors.
The planning minister further said that many industries in China were ripe for relocation and now Pakistan has a huge task of attracting these industries and avail opportunities.