Staff Report
ISLAMABAD: China Pakistan Economic Corridor (CPEC) has already entered a crucial second phase in which cooperation in industrial development is vital to stimulate economic and employment opportunities in Pakistan besides making the country a regional trade hub.
Though COVID has devastated global economy however Pakistan showed better economic indicators and industrial development during the fiscal year 2020-21.
The provincial government of Khyber Pakhtunkhwa is making all-out efforts to materialize the special economic zones initiative to attract local and foreign companies for investment through offering them incentives and facilities.
After 18th Constitutional Amendment, provinces are fully empowered to develop the special economic zone and have better coordination with foreign companies.
In past there were difficult and diverse procedures for the foreign investors to invest in the country but recently the KP Government established KP Economic Zone Development and Management Company (KPEZDMC) to ease the procedure and facilitate the investors.
When contacted Chief Executive Officer KPEZDMC Javed Iqbal Khattak, told that the company had recently started one window operation for facilitation of local and foreign investors for investment in any of the economic zone in the province. He said that under the one roof facility policy, the company was offering wide range of services to the investors including plot allotment, electricity and gas connections, company registration and value addition services through teams of experts in all fields.
He said currently the KP government was working on various economic zones in the province from North to South and there were immense opportunities for the investors and entrepreneurs to come and grab this opportunities.
Khattak said that CPEC was a flagship project of Belt and Road Initiative of China so Rashakai Special Economic Zone (RSEZ) was a flagship project of CPEC Special Economic Zones. RSEZ is spread over one thousand acres areas. We have received 1700 applications from different investors which is a very encouraging development for us.
“RSEZ will boost economic recovery and exports of this region. We are opening Jalozai, Nowshera, Ghazi, Chitral for investment. From RSEZ 2 to 3 lacs people in the province will get employment,” he added.
