Syed Marwan Shah

Pakistan offers attractive incentives to investors in different sectors of the economy under China-Pakistan Economic Corridor (CPEC), said an official.

A Board of Investment (BoI) official told WealthPK that local and foreign investors can reap benefits from various sectors such as textiles, tourism, logistics, housing and construction, food processing, information technology, etc.

“As part of Pakistan’s efforts to attract foreign investment, a variety of grants and incentives are being offered to investors. A number of incentives are available to companies, including tax concessions, double taxation agreements, low-interest loans, etc.” the official said.

Moinul Haque, Ambassador of Pakistan to China in a recent meeting briefed Chinese firms about Pakistan's lucrative investment climate, and encouraged them to take advantage of the attractive incentives offered under the CPEC framework, and choose Pakistan as their investment and business destination.

“Chinese investors and businessmen receive special attention at the highest levels and are warmly welcomed in Pakistan for business and trade to promote economic cooperation between our two countries,” he stated at the China-Pakistan Trade and Industrial Cooperation Forum held at the Pakistan Embassy.

In recent times, there has been a greater focus on cooperation in trade, investments, industry, and agriculture between the two countries. The ambassador stated that Pakistan is China's largest trading partner and most significant source of foreign direct investment (FDI). After the second phase of the Free Trade Agreement (FTA) was launched in early 2020, a greater number of products have been able to access each other's markets. He further said that the liberalised trade between the two countries is contributing to record numbers of bilateral trade.

Chairman of China Overseas Port Holding Zhang Baozhong addressed the audience on Gwadar Port, special economic zones (SEZs), Gwadar Airport, and other projects being undertaken in the region. He said that the port offers numerous benefits to foreign and local traders. There are no demurrage charges, and there is speedy customs clearance and free storage of containers for three months.

According to Zhang, Chinese traders and companies are encouraged to take advantage of the opportunities provided by the SEZs and to invest in them.

As part of the event, Naeem Iqbal Cheema, the Head of Chancery, provided an overview of the facilities offered to Chinese companies and investors under the CPEC flagship project. “There are certain advantages of investing in the projects under CPEC compared to other projects,” he said.

“The projects under this framework get easy financing and other facilities and receive a lot of leadership support,” he said. Ghulam Qadar, Commercial Counsellor, presented an overview of the incentives and facilities available to Chinese investors under CPEC.

Falak Sher Zaman, Chief Representative of United Bank Limited (UBL) in China, stated that the bank provides convenience for Chinese companies to promote trade and investment between the two countries.

The forum was jointly organised by the Embassy of Pakistan, UBL, Beijing Innovation Alliance (BJIA), and the Economic and Commercial Counsellors Alliance in China.

Credit: Independent News Pakistan-WealthPk