Prime Minister Shehbaz Sharif on Wednesday permitted joint ventures between the neighboring countries to relocate Chinese industries to Pakistan as part of ongoing efforts to expedite the implementation of projects under the China-Pakistan Economic Corridor (CPEC).
According to a statement, the decision was taken during a meeting chaired by the prime minister on various matters related to the Board of Investment. The premier, it said, reiterated the government’s commitment to fostering local and foreign investment on priority. He also highlighted the incumbent government’s past efforts to create a business-friendly environment for traders and investors.
Sharif, per state-run media, tasked relevant authorities to submit a detailed report on actions taken in pursuit of memoranda of understanding inked between Pakistani and Chinese companies during his recent visit to Shenzhen. During the visit, 31 MoUs spanning technology, agriculture, trade, energy, coal and gasification were inked, according to the Ministry of Commerce.
The prime minister also called for a review of draft legislation for Special Economic Zones (SEZs) and noted that he saw significant potential for relocating China’s textile, leather, footwear, and other sectors to Pakistan.
Earlier, in his briefing, the Board of Investment secretary outlined steps underway to facilitate industrial relocation, including by hiring Chinese experts to establish a Business Facilitation Center in Islamabad. He said a draft of the “Easy Business Act” was also being provided for discussion in the Cabinet Committee for Legislative Cases.
Apart from the prime minister and Board of Investment secretary, Privatization and Investment Minister Abdul Aleem Khan; Commerce Minister Jam Kamal; Finance and Revenue Minister Muhammad Aurangzeb; Petroleum Minister Musadik Malik; Prime Minister’s Coordinator Rana Ehsan Afzal; and other senior government officials also attended the meeting.