The trickle-down effects of CPEC will be achieved from Special Economic Zones (SEZs) and relocation of industries from China, said by Dr. Mirza Ikhtiar Baig, Senior Vice President FPCCI at a highest-level forum on SEZs organized by Federation of Pakistan Chambers of Commerce & Industry (FPCCI) in collaboration with Embassy of Republic of China and Chinese Council for Promoting South-South Cooperation at Islamabad.
Dr. Baig highlighted the special incentives allowed by the government to investors for the industries in SEZs which includes one-time exemption from duty and taxes on import of plant and machinery, five-year tax exemption during construction and development of projects, ten-year tax holidays during operation and production started by 30th June, 2020 and additional five-year tax holidays making total 20 years of tax exemption. He stressed on the benefits of relocation of industries mainly textile from China in SEZs to benefit from Pakistan’s expertise in textile sector and local availability of raw material.
On the occasion, the Chief Guest of the Forum Mr. Haroon Sharif, Chairman Board of Investment (BOI) said that the Forum is organized at opportune time when there is global shift in the investment planning and activities, as the developed world is facing huge uncertainty. He appreciated the organizers of the Forum which was attended by Vice Presidents of FPCCI Sheikh Abdul Waheed, Ijaz Khan Abbasi, Qurban Ali and leaders of the business community in ICT region prominently Shoail Altaf, Zafar Bakhtawari, Zahid Latif and Sohail Malik. There were about 60 Chinese companies represented by their Chairmen and CEO who met Pakistani counterparts from various sectors attended the Forum.
The Ambassador of China H. E. Yao Jing and the Chairman of Chinese Council for Promoting South-South Cooperation Lv. Xinhua also addressed the Forum and emphasized South-South Cooperation aimed to achieve shared economic and development goals between Pakistan and China. They further emphasized that both countries to promote joint venture projects to achieve export-led growth in SEZs under CPEC.