Islamabad: Pakistan has exempted Chinese firms from 37 approvals and prior documentation requirements to increase investment in China Pakistan Economic Corridor (CPEC) Phase-II, news sources reported. The Chinese firm will now not be required to obtain federal and provincial approvals to invest in special economic zones.
Special Assistant to the Prime Minister on CPEC Affairs Khalid Mansoor stated during a news conference that the Chinese enterprise would now fulfil the self-compliance regime by investing in industrialization. The audit of the firms thus formed will penalise any flaws if they are discovered to be in violation of the rules and regulations. He stated that this method will provide a ‘Plug n Play’ solution, allowing for quick investment and better facility management. It was also revealed that under CPEC Phase-II, China will invest multi billion dollars in industrialization, the amount of which has yet to be established.
He also released details on the USD 53 billion investment in Phase I of the project. Half of the amount has been realised, with the remainder spent on energy and transportation infrastructure development projects. The SAPM also stated that the government has extended a special debt servicing system for Chinese enterprises to satisfy their concerns about independent power producers (IPPs).
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
