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Pakistan, China agree to boost industrial cooperation under CPEC

Pakistan, China Agree to Boost Industrial Cooperation Under CPEC

ISLAMABAD – Pakistan and China agreed on Tuesday to elevate the memorandum of understanding on industrial cooperation to the framework agreement under the China-Pakistan Economic Corridor (CPEC) to realize the vision of Special Economic Zones (SEZs) development.
Speaking at an advisory forum on the draft industrial cooperation framework agreement on Tuesday, Pakistani Investment Board Chairman, Atif R. Bokhari, said the first phase of the CPEC requires a leading role from the government. In contrast, the second phase required a 180-degree change of direction in the roles.
“He calls for an increased role for industrialists, the private sector and the business world, while the role of government would be that of a facilitator in developing effective policies, laws and infrastructure, to facilitate relations between businesses and between people,” Bokhari said.
He explained that the draft framework agreement on industrial cooperation is being aligned with the long-term framework of the CPEC.
“A world of opportunities will open up by laying the foundations for industrial cooperation within the framework of CPEC, and it is high time for all of us to exploit the right opportunities at the right time,” he said.
Bokhari said that significant progress had been made in the development and settlement of SEZs in recent months, four SEZs from CPEC to Rashakai in Khyber-Pakhtunkhwa, Dhabeji in Sindh, M-3 Allama Iqbal in Punjab and Bostan in Balochistan are now at an advanced stage of development.
The geographic proximity between China and Pakistan will enable these areas to foster economic interdependence for mutual financial benefit, he added.
The framework is being developed with particular attention to improving Pakistan’s industrial competitiveness, ensuring technology transfer, relocating Chinese companies, and developing the skills and productivity of the workforce.
BOI Secretary Fareena Mazhar, while highlighting the council’s role as a lead agency for industrial cooperation within the framework of CPEC, shared the path of the corridor and its future action plan, designed for its second phase which includes the development of SEZs, agricultural cooperation, the relocation of Chinese industries to Pakistan, private partnerships for business prospects and the creation of vocational training and employment opportunities.
She said Pakistan and China have agreed to elevate the MoU on industrial cooperation to a framework agreement focused on the development of SEZs and B2B joint ventures as essential elements of industrial collaboration within the framework of the CPEC.
Serious efforts for the supply of gas and electricity are underway to ensure that these essential public services are provided in the areas, she said.
(Sahar News Monitoring Desk)

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