NINGXIA, Aug 20 (APP):The Special Economic Zones (SEZs) under China Pakistan Economic Corridor (CPEC) are not limited to the Chinese enterprises alone and that all industrial corporation ventures under CPEC are open to third-country participation as well.
“We look forward to your high-quality investments in Pakistan while enhancing B2B and P2P cooperation,” Fareena Mazhar, Secretary Board of Investment, Pakistan in her online address at the Belt and Road Investment Promotion Conference held in Ningxia Hui Autonomous Region, China.
“Since the launch of the China Pakistan Economic Corridor (CPEC), China has been the largest investor in Pakistan with FDI inflows of US dollars 8 billion and outsource of US dollars 2.1 billion, thereby contributing 36% to the net investment in Pakistan”, she informed the participants.
She further stressed that the Special Economic Zones (SEZs) under CPEC are not limited to the Chinese enterprises alone and that all industrial corporation ventures under CPEC are open to third-country participation as well.
Taking this opportunity, she introduced the incentives Pakistani provides to international investors, such as one-time customs exemption and a 10-year income tax holiday for both zone developers and enterprises. Online portals developed by BOI and in collaboration with China Council for International Investment Promotion are also provided to facilitate SEZ investors.
Facing an estimated global economy expansion by 5.6% in 2021, the strongest post-recession recovery in 80 years, she says, “a world of opportunities has opened up, setting the fundamentals of industrial B2B cooperation.”
With the theme of “opportunities, future, sustainability”, the forum also witnessed the signing of contracts.
Ningxia Communications Construction Co., Ltd. signed a contract totaling USD 43 million with Nauman Construction Company of Pakistan for highway construction including a cross-railway bridge to connect Rhodland to Multan, Punjab.
The construction is expected to start recently and conclude in about two years, company staff told China Economic Net (CEN).
Hosted by the Chinese Ministry of Commerce and the government of Ningxia Hui Autonomous Region, the conference aims to promote joint construction of the Belt and Road and two-way investment for sustainable development. The conference is part of the fifth China-Arab States Expo inaugurated in Ningxia today.
Qian Keming, Vice Minister of Commerce of China, Sun Ping, Vice President of Export-Import Bank of China, Zhang Yansheng, chief researcher at the China Center for International Economic Exchanges, representatives from China International Contractors Association, China Communications Construction Group, KPMG, and senior guests from Egypt and UAE also attended the meeting.