Industrial Cooperation Conference: Private sector urged to play role in CPEC 2nd phase

PESHAWAR: Board of Investment Chairman Atif Bukhari on Thursday urged the private sector to come forward and play a leading role in the second phase of the China-Pakistan Economic Corridor (CPEC).

He expressed these views while addressing the CPEC Industrial Cooperation Conference here.

Atif Bukhari said Special Economic Zones under the CPEC are proving to be a game-changer for economic development and Pak-China geographical proximity is proving to the attainment of mutual economic benefits.

He said the government is striving for comprehensive economic and industrial development, creation of new employment opportunities and promotion of export production in the country.

Atif Bukhari said that the Board of Investment has expedited the process of providing all facilities and incentives to the economic zones.

He said it is our priority to formulate policies to attract direct foreign investment.

“The board is prioritizing five sectors, including IT Industry, Housing and Construction, Food Processing and Agriculture, Tourism and Logistics,” he added.

Hassan Daud Butt, Chief Executive Officer, Khyber Pakhtunkhwa Board of Investment and Trade, said under the CPEC important projects of Khyber Pakhtunkhwa like Rashkai Special Economic Zone are in full swing.

He said this zone would prove to be a milestone for the promotion of high-speed industrialization in the province. Hassan Daud Butt said according to the plan of the federal government, this zone would be completed in three phases and the government would provide 210 MW power in three phases. Rs. 1203 million has been earmarked for gas for this zone.

He said that 247 acres of land would be developed in the first phase, 355 acres in the second and 399 acres in the third phase, adding 80 per cent local people would be provided with employment in this zone.

Finance Minister Taimur Saleem Jhagra welcomed the step to host international conferences in Khyber Pakhtunkhwa.

“Today, over 100 international companies are part of the event through digital platforms,” he said and added that Tourism is an important sector in the CPEC, and so is Mines and Minerals sector is also developing. The minister said our biggest asset is the youth of the province and there should also be investment in our national IT houses.

Taimur Saleem Jhagra said online markets have the lowest tax in KP in the IT sector and assured facilities. He hoped the Rashkai Economic Zone would prove to be an industrial hub. He thanked all the investors and assured them of full support from the KP government in new ventures.