SEZs set up under CPEC open to Chinese, third-party investment

NINGXIA: The Special Economic Zones (SEZs) under China Pakistan Economic Corridor (CPEC) are not limited to the Chinese enterprises alone and that all industrial corporation ventures under CPEC are open to third-country participation as well.

"We look forward to your high-quality investments in Pakistan while enhancing B2B and P2P cooperation," Fareena Mazhar, Secretary Board of Investment, Pakistan in her online address at the Belt and Road Investment Promotion Conference held in Ningxia Hui Autonomous Region, China.

"Since the launch of the China Pakistan Economic Corridor (CPEC), China has been the largest investor in Pakistan with FDI inflows of US dollars 8 billion and outsource of US dollars 2.1 billion, thereby contributing 36% to the net investment in Pakistan", she informed the participants.

She further stressed that the Special Economic Zones (SEZs) under CPEC are not limited to the Chinese enterprises alone and that all industrial corporation ventures under CPEC are open to third-country participation as well.

Taking this opportunity, she introduced the incentives Pakistani provides to international investors, such as one-time customs exemption and a 10-year income tax holiday for both zone developers and enterprises. Online portals developed by BOI and in collaboration with China Council for International Investment Promotion are also provided to facilitate SEZ investors.

Facing an estimated global economy expansion by 5.6% in 2021, the strongest post-recession recovery in 80 years, she says, "a world of opportunities has opened up, setting the fundamentals of industrial B2B cooperation."

With the theme of "opportunities, future, sustainability", the forum also witnessed the signing of contracts.

Ningxia Communications Construction Co., Ltd. signed a contract totaling USD 43 million with Nauman Construction Company of Pakistan for highway construction including a cross-railway bridge to connect Rhodland to Multan, Punjab. - APP