Abdul Ghani

ISLAMABAD, July 18: The second phase of the China-Pakistan Economic Corridor (CPEC) is highly critical for Pakistan and China, particularly for the larger public interests, said Liaqat Ali Shah, Executive Director and Head of Policy Division at the CPEC Authority, while talking to WealthPK.

He said considering the significance of the Special Economic Zones (SEZs), there is a need to strengthen coordination between the Chinese and Pakistani business community.

The first phase of the CPEC – with a focus on infrastructure – has almost completed in the shape of highways, railway tracks and special economic zones (SEZs) and it’s time for business communities from both countries to coordinate closely for the successful implementation of projects.

Commenting on the development, Additional Secretary of the Board of Investment (BOI) Khashihur Rehman told WealthPK that considering the unique opportunity for Pakistan to relocate its Chinese manufacturing base, the BOI has developed a dedicated Pakistan China Business-to-Business (B2B) Investment Portal in collaboration with the China Council for International Investment Promotion (CCIIP) for both Pakistani and Chinese companies, which will enable matchmaking of prospective businesses from both countries interested in entering into joint ventures (JVs) in Pakistan.

Rehman lauded the active role of the National Development and Reform Commission (NDRC) of China to facilitate the joint industrial cooperation initiatives. He also praised the valuable cooperation of the Chinese Embassy in this regard.

He said unlike the first phase of the CPEC based on Government-to-Government (G2G) framework, the second phase pertained to the Business-to-Business (B2B) and people-to-people (P2P) ties. Therefore, key players from both sides must be taken on board to jointly initiate meaningful steps to attract the Chinese businesses to Pakistan.

Moreover, the B2B Investment Portal is a platform for investors to enter into joint ventures. The China Council for International Investment Promotion and the China-Pakistan Economic Corridor Industrial Cooperation of the Investment Committee of the Prime Minister’s Office of Pakistan have jointly established the portal that aims to promote and strengthen relations between Pakistani and Chinese companies.

Anyone interested in investment in Pakistan can find potential partners to expand and transfer business or to set up factories in the SEZs. The portal also helps investors to register for the B2B conference.

The SEZs would attract investment from diversified sources because they offer a combination of tax-and-tariff incentives, streamlined customs procedures, and less regulation. The production of finished goods is the topmost priority, which will help Pakistan in reducing the trade deficit.

Credits: INP-WealthPk