By Omer Bilal ISLAMABAD, Nov 08 (INP-WealthPK): China has made remarkable progress in various fields of the economy in a short period. Seizing the opportunity to learn from China’s economic model under China-Pakistan Economic Corridor (CPEC), the Pakistan government has adopted the concept of Special Economic Zones (SEZs) with the commencement of the SEZs Act 2012 to deal with the challenges of global competitiveness and to create industrial clusters in the economy. China under its policy of reform and opening up initiated various approaches in order to make the country a rising power. Among the policy initiatives, one was SEZs under which China introduced more free-market-oriented economic policies and flexible measures aimed to attract foreign direct investment (FDI) and generate employment, which helped China bring millions out of poverty besides making the country an economic giant. SEZs are viewed as economic policy tools for enhancing the acceptability and credibility of industrial transformation policies, attracting domestic and foreign investment along with opening up of the economy and promoting the value addition component in exports, generate employment, and encourage import substitution as well as mobilise foreign exchange in countries for balance of payment support. During the 6th meeting of the Pak-China Joint Cooperation Committee (JCC) on CPEC held in Beijing, the establishment of nine SEZs in Pakistan, two on federal and seven on the provincial level, were agreed under the framework of CPEC Industrial Cooperation (IC). Four provincial SEZs, namely, Rashakai SEZ in KP, Allama Iqbal Industrial City in Punjab, Bostan SEZ in Balochistan and Dhabeji SEZ in Sindh have been accorded approval by the Board of Approvals and are at various stages of development. The most interesting aspect of this initiative is that some of these SEZs are being set up in the most neglected and underdeveloped parts of the country which would have a very positive impact on the local population. The initiative would have a great impact on Pakistan's economy as it would bring Foreign Direct Investment (FDI), resulting in foreign exchange earnings, creating employment, increasing exports, besides generating massive revenue for the country. Local investors need to be taken on board to invest in SEZs so it will be a win-win scenario for both local and foreign investors. In this regard, the role of Pakistani foreign missions is of paramount importance to convince foreign investors to invest here, as Pakistan is among the ideal investment places being a trade corridor to Central Asia and a bridge to the Gulf states. There is a huge responsibility on the shoulders of commercial attachés to promote the SEZs on international platforms.