China and Pakistan Agree to Make 2019 the Year of Industrial Cooperation

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2019 will be the ‘year of industrial, socio-economic and agriculture cooperation’ between Pakistan and China. Both the countries have agreed to work on at least 4 special industrial zones in 2019. China will send delegations to Pakistan in the upcoming two months.

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A meeting was held between Minister for Planning and Development Makhdum Khusro Bakhtyar and Chinese Ambassador to Pakistan Yao Jing at the concluding session of the Joint Cooperation Committee (JCC) of the China-Pakistan Economic Corridor (CPEC). In the meeting, the visits of Chinese investors in Pakistan was discussed.

According to Bakhtyar the MoUwas signed during 8th Joint Cooperation Committee with an aim to promote major industries in Pakistan including textile, iron, steel etc.

China has asked Pakistan to establish the Board of Investment (BoI) to promote development and carry out research on “most critical issues such as land prices, industrial park development models, implementation of industrial projects, professional tax policies and infrastructure support for all SEZs.”

Furthermore it was agreed that priority should be given to KPK’s Rashakai, Faisalabad’s M3 SEZ, Thatta’s Dhabeji “that meet the needs of investment companies and promote the construction of SEZs, as soon as possible, and actively attract more enterprises to invest and build factories including in Information Technology SEZ in Islamabad.”

BoI Chairman Haroon Sharif said “we need to put in a lot of effort on the governance model for the SEZs.”

Adding, “I will be sending a recommendation to the prime minister on timely development of priority SEZs in a few weeks time.”

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