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SEZ’s establishment to enable joint ventures between Pakistan, China, says Umar

Minister for Planning believes Special Economic Zones establishment would allow setup of joint ventures in manufacturing between Pakistan and China companies.
Collaboration in the agriculture sector between Pakistan and China was also during Umar’s meeting with Chinese ambassador.

Minister for Planning Asad Umar has said that the development and operationlization of Special Economic Zones (SEZs) under China Pakistan Economic Corridor (CPEC) is government’s top priority.

The minister added the establishment of SEZs would allow setup of joint ventures in manufacturing between Pakistan and China companies. The minister expressed these views during his meeting with Ambassador of Peoples Republic of China, Yao Jing, who called on the minister in Islamabad on Friday.

The envoy assured the minister that the Chinese side is keen to promote such relationships between businesses and manufacturing industries.

The development of SEZ’s is central to the Phase-II of CPEC under which three SEZs will be built, namely Rashakai (Nowshera), Allama Iqbal (Faisalabad) and Dhabeji (Thatta).

The government has announced incentives including tax holidays to attract business to make investments in Pakistan through joint ventures with local industry.

Meanwhile, collaboration in the agriculture sector was also discussed during the meeting. Asad said that there exist massive potential in agriculture sector by modernizing and upgrading its various sub sectors.

He underlined the need to expand collaboration in agriculture sector.

Source: Business Recorder

Dated on: 10/01/2020

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