Industrial cooperation with China to bring more opportunities for Pakistan: official

ISLAMABAD -- Pakistan's Board of Investment (BOI) Chairman Atif Riaz Bokhari said on Aug 25 that the industrial cooperation between Pakistan and China will open a whole world of opportunities for the country and it is high time for the people of Pakistan to tap the right opportunities at the right time.

The vision of development and operationalization of special economic zones (SEZs) under the China-Pakistan Economic Corridor (CPEC) in a timely manner will promote industrialization in the country and bolster national economy, Bokhari said when addressing a "Consultative Forum on Draft Framework Agreement on Industrial Cooperation under CPEC" attended by officials from various relevant ministries and provinces, representatives of different chambers of commerce and associations and members of business community.

He said that significant progress has been achieved on development of SEZs during the last few months wherein four SEZs under CPEC including Dhabeji, Rashakai, Bostan and Allama Iqbal, one each in four provinces of Pakistan, are now in advance stage of development.

"The geographical proximity between China and Pakistan will allow these SEZs to foster economic interdependence for mutual economic advantage," the chairman said.

He said that the first phase of CPEC required the leading role of the government, while the second phase required a change in management and roles of participants.

"It calls for an enhanced role of industrialists, the private sector, and the business community, while the government's role would only be that of a facilitator by devising effective policies, laws, and efficient infrastructure, to facilitate business to business and people to people linkages," the senior official said.

According to the BOI, the framework agreement to be signed between Pakistan and China under CPEC is being developed with a special focus to enhance industrial competitiveness of Pakistan.

The modus operandi of the cooperation would likely enhance business to business and project to project ties, balance and modernize existing industry, make joint efforts to expedite SEZs development and its promotion, seek technical and financial assistance from China, enhance production capacity, and facilitate businesses by financial institutions from both sides, said the BOI.