ISLAMABAD: Prime Minister Shaukat Aziz has said that the establishment of China Specific Special Economic Zone (SEZ) in the country would attract substantial Foreign Direct Investment (FDI) in the manufacturing sector and would help enhance exports from Pakistan. He was chairing a high level meeting which approved in principle the exemption of duties on the import of machinery for SEZ, at Prime Minister House.
Prime Minister said that establishment of China Specific SEZ would usher a new era of economic activities in the country and would help generate thousands of new jobs and improve the living standards of the people. He said that both Pakistan and China are working actively to expand their trade and economic ties for which all the required ingredients to achieve this objective are in place. The establishment of China Specific Economic Zone is an important initiative of the leadership of two countries, he added.
Shaukat Aziz said that Pakistan and China are strategic partners and enjoy a multifaceted relationship which covers a broad spectrum of areas including trade, investment, security defence, health and education. There are yet numerous opportunities to further enhance the economic and trade relations between the two countries, he stated.
Earlier secretary commerce highlighted the salient features of SEZ’s and briefed the meeting that these economic zones are being established under the Free Trade Agreement (FTA) between Pakistan and China. All goods manufactured in these zones will have tariff free entry into Chinese market that would give a boost to exports, he said. He also mentioned that the business ventures would be based on partnerships with the Pakistani businessmen. The meeting was also attended by the Federal Minister for Commerce Hamanyun Akhtar Khan, Deputy Chairman Planning Commission Dr Akram Sheikh, Chairman Central Board of Revenue (CBR) Abdullah Yousaf, concerned federal secretaries and other senior officials.-SANA