ISLAMABAD: China and Pakistan sides, discussed on Friday, marketing plans and development progress for Rashakai Special Economic Zone in an interaction under the CPEC industrial cooperation head. Sun Yaoguo, Vice President, China Road and Bridge Corporation and his delegation called on MOS/chairman Board of Investment Atif Bokhari at the BOI office.
Sun informed that development work of Rashakai SEZ was being carried out at a fast pace and to that end respective teams had already been mobilised. He highlighted that aggressive marketing of the SEZ to local and foreign investors was crucial for its speedy occupation and operationalisation.
He further said that the standard of services combined with the attractive incentives offered by the Government of Pakistan, Rashakai had the potential to become a hub of economic activity. Additionally, Rashakai SEZ is the flagship project of CPEC and its success will further strengthen industrial cooperation between Pakistan and China.
Atif Bokhari concurred with Sun for perusal of an aggressive marketing campaign that effectively highlights the monetary benefits for investors. In this regard MOS/chairman apprised the delegation about approval of two major incentives for SEZs i.e. custom and duty exemption on capital goods and elimination of 1.5 percent turnover tax.
He also shared that domestic companies have shown keen interest in setting up enterprises in the Rashakai SEZ and desired that this should be looked into. Both sides also discussed the interest of Chinese enterprises in Rashakai.
On a suggestion from CRBC to effectively communicate with the Chinese business community about incentives and sectors for investment, Bokhari agreed and further suggested that he will be part of a webinar on the issue. He emphasised that both sides needed to focus and work towards expediting the relocation of Chinese industry in the Special Economic Zones.
During the meeting, Sun also briefed about CRBC’s mega project in Karachi. The Karachi Coastal Comprehensive Development Zone in collaboration with Ministry of Maritime Affairs aims at developing Karachi as regional hub for economic activity, while simultaneously generating employment opportunities for millions and bringing in sizeable FDI.