Special Economic Zones Authority (SEZA) Chairman SM Naveed has said the second phase of the China-Pakistan Economic Corridor (CPEC) would significantly boost Pakistan's industrial growth through the establishment of Special Economic Zones across the country.Special Economic Zones (SEZs) will also contribute to the growth of the transportation, infrastructure, and energy sectors, he said while presiding over a meeting at the SEZA Secretariat.

Under the CPEC, five SEZs will have cutting-edge infrastructure, and Pakistan will offer all the assistance required for the establishment of the industries. SM Naveed called for both domestic and foreign investors to take full advantage of country's improving business environment and to seize the opportunity provided by Pakistan's business- and investment-friendly rules.

He emphasised that Pakistan's investment-friendly policies have already begun to pay off, encouraging well-known mobile phone manufacturers to participate in the production and assembly of phones there. Additionally, he advised businesses to make full use of sectoral policies created by the government that provide incentives including tax breaks, tax refunds, tax reductions, dedicated infrastructure, and investment facilitation services.

In addition to reviving numerous sectors of Pakistan's economy, the chairman of SEZA said that the CPEC will also draw investment from friendly countries in various areas of the Pakistani economy. He described the CPEC as reflecting the exemplary bilateral ties between Pakistan and China.

He said that the degree of collaboration between Pakistan's all-weather friend China and the infrastructure and energy industries has already increased as a result of the CPEC. He asserted that the world-class road network Pakistan has built, thanks to the CPEC, will not only increase internal connectivity but also foster stronger ties with other countries in the region.

According to him, efforts are being made to strengthen the country's transmission and distribution infrastructure as part of the CPEC, as well as to solve the long-standing issue of circular debt and guarantee a consistent supply of energy at prices that are affordable for industrial and commercial activity.

The Chairman SEZA expressed pleasure with the multifaceted and multi-sectoral work being carried out by China in Gwadar, saying that it will contribute to the realisation of the goal of turning Gwadar into a hub for regional commerce and investment. He added that the port of Gwadar will be a great place to trade by sea with Afghanistan and central Asian countries.

Credit : Independent News Pakistan-WealthPk