Minister Aleem Khan Assures Full Support to Chinese Investors
Commitment to Economic Development
ISLAMABAD: On Saturday, Minister for Investment and Privatization Abdul Aleem Khan reaffirmed the government’s dedication to supporting Chinese investors, emphasizing the facilitation of land sale and transfer within special economic zones (SEZs). This assurance came during a pivotal meeting on economic zone policy held in Lahore.
Strengthening Economic Ties with China
Engagement with Provincial Governments
In his address, Minister Aleem Khan instructed the Board of Investment (BoI) to actively engage with the Khyber Pakhtunkhwa government and other relevant institutions to enhance the industrial zones in the province. This move aims to streamline processes and ensure that the SEZs in KP become attractive destinations for Chinese investments.
Inclusive Diplomacy
To foster a more coordinated approach, Mr. Khan directed that Chinese diplomats be included in subsequent meetings. This inclusion aims to address any concerns comprehensively and strengthen bilateral relations.
Addressing Concerns of Major Stakeholders
The meeting also focused on resolving issues faced by significant stakeholders like the China Road and Bridge Corporation (CRBC). Ensuring the satisfaction of such major investors is crucial for the ongoing success of the SEZs.
Immediate Actions and Deadlines
Accelerating Infrastructure Development
A notable outcome of the meeting was the establishment of a three-day deadline for connecting the industrial zones in KP to the grid. This directive underscores the government’s commitment to rapidly improving the infrastructure essential for industrial growth.
Comprehensive Briefings
During the meeting, officials briefed attendees on various aspects of the Economic Zone Policy, including tax holidays, import duty exemptions, and other incentives designed to attract foreign investments. These incentives are pivotal in making Pakistan a competitive destination for global investors.
Prime Minister’s Awareness and Emphasis
Minister Aleem Khan highlighted that Prime Minister Imran Khan is fully cognizant of these issues. He emphasized the need to avoid past mistakes and ensure meticulous execution of policies to attract and retain investors.
Collaborative Efforts for Resolution
Multi-Departmental Coordination
The meeting saw participation from the State Bank governor, KP chief secretary, CRBC directors, Privatization Board secretary, and senior officers. They provided insights into SEZ-related challenges involving various entities, including Nepra, the provincial government, and the BoI. These issues, pending for the last five years, are now being addressed with a sense of urgency.
Prioritization of SEZ Issues
Aleem Khan stressed the importance of prioritizing the resolution of issues within the SEZs. Immediate action is necessary to resolve long-standing challenges in KP’s industrial zones, reflecting the government’s proactive stance.
Ensuring Electricity Provision
Minister Aleem Khan directed the Peshawar electricity authorities to ensure that grid connections for industrial zones are functional within three days. This step is critical to supporting the operational needs of businesses within the SEZs.
Appointment of Focal Persons
To streamline investor relations and issue resolution, the State Bank governor was tasked with appointing a focal person dedicated to addressing investors’ concerns promptly.
Commitment to Investor Support
Facilitating Investment Climate
Minister Aleem Khan assured attendees that the government is dedicated to resolving the complexities faced by investors. Ensuring the timely provision of essential services, such as electricity, is a top priority to create a favorable investment climate.
Encouraging Foreign Investment
The minister’s directives reflect a clear message: Pakistan is committed to providing full support to foreign investors, particularly those from China. By addressing infrastructural and bureaucratic challenges, the government aims to foster a more conducive environment for investment and economic growth.
FAQs
1. What steps is the government taking to support Chinese investors in Pakistan?
The government, through the Board of Investment (BoI), is actively engaging with provincial governments and relevant institutions to facilitate the sale and transfer of land in special economic zones (SEZs). They are also addressing issues faced by major stakeholders like the China Road and Bridge Corporation (CRBC) and including Chinese diplomats in policy discussions.
2. How is the government ensuring the timely provision of infrastructure in SEZs?
Minister Aleem Khan has set a three-day deadline for connecting industrial zones in Khyber Pakhtunkhwa (KP) to the grid. The Peshawar electricity authorities have been instructed to ensure the functionality of these connections within the stipulated time.
3. What incentives are being offered to attract foreign investment in SEZs?
The Economic Zone Policy includes tax holidays, import duty exemptions, and other related incentives to attract foreign investments. These incentives are designed to make Pakistan’s SEZs competitive destinations for global investors.
4. What role do provincial governments play in supporting SEZs?
Provincial governments, particularly in KP, are crucial partners in enhancing industrial zones. The BoI is instructed to engage with these governments to ensure coordinated efforts in developing SEZs.
5. How does the government plan to address investor concerns promptly?
The State Bank governor has been tasked with appointing a focal person dedicated to resolving investor issues. This appointment aims to ensure that investors have a direct point of contact for their concerns, facilitating prompt resolution.
Conclusion: A Positive Outlook for Investment
Minister Aleem Khan’s assurances and directives reflect the government’s commitment to fostering a supportive environment for Chinese investors. By addressing infrastructural and bureaucratic challenges and offering attractive incentives, Pakistan aims to strengthen its economic ties with China and encourage more foreign investment in its special economic zones.
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