Islamabad: The Special Economic Zones Authority (SEZA) of Pakistan has announced plans to enhance the country’s exports by creating nine Special Economic Zones (SEZs) under the China-Pakistan-Economic-Corridor (CPEC), news sources reported on January 16.
The authority said that the new economic zones are joint ventures (JVs) between Pakistan, China, and other foreign countries that will be developed in these SEZs to increase industrial production. SEZA Chairman S.M. Naveed stated that Pakistan has been facing a trade deficit for several decades and that the situation has worsened over the last decade due to the country’s reliance on imported goods. According to the State Bank of Pakistan (SBP), the country’s exports for the fiscal year 2021 were USD 22.536 billion, while imports were USD 43.645 billion, indicating a sharp trade deficit of USD 21 billion. The SEZA chairman believes that the SEZs will play a significant role in the economic development of Pakistan and that the government is offering a lot of incentives for industries to set up in the zones.
He also added that China’s outsourcing of its industry to other countries provides an opportunity for Pakistan’s textile and leather industries to be relocated to Pakistan, which would give a boost to textile exports.
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.
