Islamabad, Jan 29, 2019: Minister for Planning, Development & Reform Makhdum Khusro Bakhtyar said that all out efforts are being made to speed up industrialization under China Pakistan Economic Corridor.
Pakistan and China together to shape industrialization of Pakistan, expressed by the Minister in a meeting with Mr. Haroon Sharif, Chairman Board of Investment (BoI) here. The meeting was also attended by Secretary Planning Zafar Hasan and Project Director CPEC Hasaan Daud.
Minister said that as per vision of the Prime Minister, industrialization is a key target for CPEC short to medium term phase. A roadmap for industrial cooperation be finalized with a focus to attract maximum foreign direct investment in Pakistan, he desired.
Mr. Bakhtyar stated that precious time has been wasted in the past that hampered progress on this most important sector. All formalities including an attractive incentive package to be firmed up within three months, emphasized Minister. He also instructed to study regional special economic zones development models in order to offer a competitive regime to future investors.
He emphasized that big Chinese brands may be attracted to explore opportunities in Pakistan.
Makhdum Khusro Bakhtyar highlighted the role of provinces in expediting the industrialization process. It was decided to ensure handholding of the provincial SEZs authorities to accrue maximum advantages. He also asked BoI to organize an interactive session with stakeholders to take a final decision regarding industrial relocation.
It was decided that private investors would be encouraged for joint ventures; however, the maximum focus would be given to industries that could support import substitution or boost exports.