The SEZA Chairman says Pakistan is developing five SEZs under CPEC

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The SEZA Chairman says Pakistan is developing five SEZs under CPEC
The SEZA Chairman says Pakistan is developing five SEZs under CPEC

Pakistan is currently developing five out of nine Special Economic Zones (SEZ) nominated under the CPEC project, according to S M Naveed, the Chairman of the Special Economic Zones Authority (SEZA). The Allama Iqbal Industrial City is located in Faisalabad, Punjab, the Dhabeji SEZ is located in Sindh, the Rashakai SEZ is located in Khyber Pakhtunkhwa and the Boston SEZ is located in Balochistan, among others. Another fast-track SEZ is being developed in Gwadar namely the Gwadar Free Zone, which is also a fast-track SEZ under development.

An area of 60 acres has already been developed in the first phase of the Gwadar Free Zone and is already fully operational. As of now, however, the second phase of the development, spanning more than 2200 acres of land, is in the process of being built. Special Economic Zones were reviewed by both Pakistani and Chinese authorities to determine how they were progressing.

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Considering the fact that SEZs are likely to contribute to the growth of economic activities in a country, it is worth mentioning that. Additionally, it will create employment opportunities as well as generate foreign exchange earnings for the country. The Business Recorder reports that Pakistan is interested in relocating its Chinese industries to the CPEC Special Economic Zones so they can benefit from the expertise of these companies.

There are several areas of the economy where Pakistan is eager to bring foreign direct investment such as textiles, information technology, agriculture, science and technology sectors, as well as mining sectors. As a result of this, exports will increase and imports will decrease, therefore boosting the economy.

The upcoming projects in CPEC would mainly be in these sectors which would act as a dual-beneficial tool. Moreover, they will cut down the country’s imports and will increase exports.

The Chairman SEZs shared that all the notified SEZs together will take approximately 10,029.64 acres of industrial land. Out of which 5,220.62 acres (52%) have been allotted to investors for setting up of industry with planned investments of Rs 633.9 billion, 43.6% of this comprises of FDI component (USD 1.73 billion).

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