Islamabad: Pakistan and China on Tuesday agreed to elevate the memorandum of understanding (MoU) on industrial cooperation to realize the vision for the development of the special economic zones (SEZs) under the China-Pakistan Economic Corridor (CPEC) initiative, according to news sources.
Board of Investment (BoI) Chairman Atif R Bokhari spoke at a consultative forum – held regarding framework agreement on industrial cooperation – and said that the first phase of CPEC required the government to play the leading role, however the second phase requires a complete 180-degree shift in the management roles.
The CPEC calls for the improved role of the business community, industrialists and the private sector. While the government’s role would be minimised to that of a facilitator by devising efficient legislation, policies, infrastructure and facilitate ‘business-to-business and people-to-people linkages’.
Moreover, Bokhari revealed that the four CPEC SEZs include: M-3 Allama Iqbal in Punjab, Rashakai in Khyber Pakhtunkhwa, Dhabeji in Sindh, and Bostan in Balochistan; are now in advance stages of their development. He said that China and Pakistan’s geographic proximity allows these zones to be developed with economic independence for mutual advantage.
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