Bureau Report
PESHAWAR: Prime Minister Shehbaz Sharif on Wednesday said the government was committed to completing Special Economic Zones (SEZs) at the earliest to ensure development and prosperity in the country.
During his visit to Rashakai Special Economic Zone, he said all problems and hurdles in the smooth execution of SEZs would be addressed on a priority basis.
PM Sharif said focusing on establishing SEZs across the country would boost industrialization, and exports and generate employment. He said the solution to Pakistan’s economic problems was massive industrialization and diversifying the export base.
He said massive economic activity in the country would create employment, encourage exports and stimulate import substitution.
The prime minister said nine SEZs had been planned to be developed in Pakistan aimed at promoting industrial infrastructural and technology transfer.
He said China had switched to high-tech industrial projects and invited the Chinese companies to invest in Pakistan.
He said the Chinese expertise in technology and the cheap labour of Pakistan could act in a balance to benefit both sides.
The prime minister proposed the launch of roadshows in China to highlight Pakistan’s potential for trade and investment.
He emphasized on sharing of expertise between the two countries and the need to further augment development by exploring areas in Khyber Pukhtunkhwa and other parts of Pakistan.
He directed the authorities to follow the timelines of the projects related to SEZs and announced holding a virtual meeting in the future to sort out ways for improvement.
PM Sharif said with the China Pakistan Economic corridor entering the most crucial second phase of implementation, it was important to focus on the establishment of SEZs to make them the model of development.
In Budget, the PSDP 2022-23 focused specially on revival of China Pakistan Economic Corridor (CPEC) and related projects for inter-provincial and regional connectivity with equal importance to Special Economic Zones (SEZs) to promote trade, industrialization and create job opportunities.
The CPEC continued to remain in focus as its projects had been fully funded, while special funds were kept for railways, water resource projects and housing sector in the PSDP. Meanwhile, out of total Rs 800 billion federal PSDP, the government allocated Rs 564.963 billion for federal ministries, Rs 161.53 billion for corporations, including National Highway Authority (Rs 118.4 billion) and PEPCO (Rs 43.41 billion), Rs 500 million for ERRA, and Rs 73 billion for VGF for Public Private Partnership (PPP) projects.
The government proposed an allocation of Rs 99.57 billion for Water Resource Division, Rs 2.48 billion for Aviation Division, Rs 807 million for Board of Investment, Rs 70 billion for Cabinet Division, Rs 9.6 billion for Climate Change Division, Rs1.17 billion for Commerce Division, Rs 180 million for Communication Division (other than NHA), Rs 2.23 billion for Defence Division while Rs 2.2 billion have been earmarked for Defence Production Division.
