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MODEL ECONOMIC ZONE TO BE SET UP UNDER CPEC

MODEL ECONOMIC ZONE TO BE SET UP UNDER CPEC: Minister

A model economic zone will be set up under the second phase of China-Pakistan Economic Corridor (CPEC) to captivate the interest of overseas Pakistani and Chinese investors’.

LAHORE: A model economic zone will be established under the China-Pakistan Economic Corridor (CPEC) to maintain the interests of overseas Chinese and Pakistani investors, while priority will be given to agriculture and irrigation projects in the second phase of the CPEC. This was stated by Punjab Finance Minister Makhdoom Hashim Jawan Bakht, who chaired the second cabinet committee meeting on CPEC projects at the planning and development council here Tuesday, the minister tasked with providing technical training to the local workforce in accordance with the need and demand of Chinese partner companies for job creation. The president of the CPEC Authority, Asim Saleem Bajwa, also attended the meeting

 The minister mandated technical training to the local workforce according to the needs and requests of Chinese partner companies for job creation. In addition, he indicated that the services of NEVTAC -affiliated with Technical Educational & Vocational Training Authority (TEVTA) institutions should be used for technical training of local human resources rather than relying on Chinese investment. This will also increase TEVTA’s capacity.

The minister asked to review the rules and regulations in accordance with the recommendations of the joint CPEC working groups to start activities in the special economic zones. The federal government will address issues relating to the supply of gas and electricity in economic zones as a priority, he said.

 There is an increase in investment and consumption of local labor in the province. To increase investment, it is necessary to ensure the provision of facilities according to the needs of the partners. Asim Saleem Bajwa informed the meeting that Chinese companies are ready to invest in economic zones and the agricultural sector through a government partnership in the second phase of the CPEC. To increase the interest of Chinese investors, it is necessary to introduce business models based on the needs of investors in our industrial zones, he remarked.

He said livestock and irrigation projects would also be included in the second phase of the CPEC. He said the second phase of the CPEC is a bigger challenge than the first phase, as the investment in it was the most important.

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