Pakistan is Currently Developing Five SEZs under CPEC, Says SEZA Chairman
The first phase of the Gwadar Free Zone at an area of 60-acre land is already fully functional. However, the second phase spanning over 2200 acres of land is under construction. Both Pakistani and Chinese authorities reviewed the progress of Special Economic Zones. It is worth mentioning here that SEZs would help boost economic activity in the country. Also, it will generate employment opportunities and earn foreign exchange. According to Business Recorder, Pakistan is interested to relocate the Chinese industries to the CPEC SEZs to benefit from the expertise of the companies. Textile, information technology, agriculture, science and technology sectors and mining sectors are the key areas in which Pakistan is keen to bring foreign direct investment. In return, it will boost exports and substitute the country’s imports. The upcoming projects in CPEC would mainly be in these sectors which would act as a dual-beneficial tool. Moreover, they will cut down the country’s imports and will increase exports. The Chairman SEZs shared that all the notified SEZs together will take approximately 10,029.64 acres of industrial land. Out of which 5,220.62 acres (52%) have been allotted to investors for setting up of industry with planned investments of Rs 633.9 billion, 43.6% of this comprises of FDI component (USD 1.73 billion). See Also: PM invites Chinese Companies to Invest in Pakistan’s SEZs
