According to a new report, Zulfiqar Ali, Director, Board of Investment (BOI), just revealed the CPEC (China-Pakistan Economic Corridor) upon completion in 2030 will help Pakistan enjoy an income thrice its national budget.
“It is on top of the business, economic, and employment creating activities of special economic zones (SEZs), and other industries.”
Under Pakistan and China’s cooperation, work on developing the 7 special economic zones (SEZs) has already started, he stated. Three of these zones will be set up in Sindh and Punjab while one of them will be set up in KP (Khyber Pakhtunkhwa), he added.
Other expected SEZs include Rashakai KP, Dhabeji Thatta, Boston Economic Zones, Balochistan, Allama Iqbal SEZ, Faisalabad, Maqpoondas, Northern Areas, Islamabad Capital Territory Model SEZ, Federal Government Industrial Park on Pakistan Steel land at Port Qasim, Mirpur Industrial Zone and Mohmand Marble City and Federally Administered Tribal Areas.
“The CPEC is as important for China as it is for Pakistan.”
The BOI chief emphasized on the significance of the mega project. He compared CPEC it as the second chance for the industrial and economic development of the country after the 1960’s industrialization drive.
CPEC in addition to the Gwadar deep sea port, will enable the distance to the Jaboti deep sea port of Africa, to be lessen to 5 days, the BOI Director informed. He further added that it was great to see the FDI risen from $900 million in FY15 to $2.4 billion in FY17.
The national investment agency is targeting to increase the foreign direct investment (FDI) to $250 billion for infrastructure development and other industrial activities by 2025, including joint industrial cooperation between Pakistan and China.
The BOI director also noted:
“For the BoI and the government of Pakistan, every foreign investor is equal. Besides, same level of returns on investment is available to the local ones.