ISLAMABAD – China Pakistan Economic Corridor (CPEC) has already entered a crucial second phase in which cooperation in industrial development is vital to stimulate economic and employment opportunities in Pakistan besides making the country a regional trade hub.
Though Covid has devastated global economy however Pakistan showed better economic indicators and industrial development during the fiscal year 2020-21.
The provincial government of Khyber Pakhtunkhwa is making all-out efforts to materialize the special economic zones initiative to attract local and foreign companies for investment through offering them incentives and facilities.
After 18th Constitutional Amendment, provinces are fully empowered to develop the special economic zone and have better coordination with foreign companies.
In past there were difficult and diverse procedures for the foreign investors to invest in the country but recently the KP Government established KP Economic Zone Development and Management Company (KPEZDMC) to ease the procedure and facilitate the investors.
When contacted Chief Executive Officer KPEZDMC Javed Iqbal Khattak, told that the company had recently started one window operation for facilitation of local and foreign investors for investment in any of the economic zone in the province.
He said that under the one roof facility policy, the company was offering wide range of services to the investors including plot allotment, electricity and gas connections, company registration and value addition services through teams of experts in all fields.
He said currently the KP government was working on various economic zones in the province from North to South and there were immense opportunities for the investors and entrepreneurs to come and grab this opportunities. Khattak said that CPEC was a flagship project of Belt and Road Initiative of China so Rashakai Special Economic Zone (RSEZ) was a flagship project of CPEC Special Economic Zones.
RSEZ is spread over one thousand acres areas. We have received 1700 applications from different investors which is a very encouraging development for us. “RSEZ will boost economic recovery and exports of this region.
We are opening Jalozai, Nowshera, Ghazi, and Chitral for investment. From RSEZ 2 to 3 lakh people in the province will get employment,” he added. He said RSEZ would bring industrial revolution in the province while Hattar, Mohmand marble city and Peshawar to Kabul motorway would enhance regional integration and economic development.
Arshad Ishfaq, a local entrepreneur appreciated the one window initiative of KPEZDMC and said that now it takes one or two weeks for an investor to fulfill all the formalities under the initiative, adding in past it was taking months for the investors which was discouraging investment in the province.
China launched Belt and Road Initiative (BRI) in 2013 which was having six special economic corridors and CPEC was one among those corridors. Pakistan has 9 SEZs under CPEC which are established to follow the Chinese successful experience.
KP is offering conducive environment and export market for investors especially for Chinese who are keen to invest in the province now it is high time for the investors to take advantage of the incentives being offered by the provincial government and KPEZDMC besides enjoying the internationally acclaimed hospitality of the people of KP.