Private investors to be encouraged for JVs to speed up industrialization under CPEC: Asim

by Shafqat Ali

ISLAMABAD, June 11 (Gwadar Pro）- China-Pakistan Economic Corridor (CPEC) Authority chief Lieutenant General Asim Saleem Bajwa (retd) said on Thursday afternoon that private investors would be encouraged for Joint Ventures (JVs) to speed up industrialization under CPEC, a flagship project of the Belt and Road Initiative (BRI).

Bajwa however, added that the maximum focus would be on the industries that could support import substitution or boost exports.

“All-out efforts are being made to speed up industrialization under CPEC. Promotion of industry is a key target for CPEC which is imperative for economic development, revenue enhancement and job creation,” he said in a meeting with a delegation of leading industrialists of Islamabad.

The delegation was led by Islamabad Chamber of Commerce and Industry (ICCI) President Sardar Yasir Ilyas Khan. Islamabad Industrial Association President Tariq Sadiq, Senior Vice President Omais Khattak, Khalid Javed, Sheikh Amir Waheed, Chief Coordinator Malik Sohail Hussain were also present at the occasion, said an official statement.

The CPEC Authority chief said that the demand of the industrial community of Islamabad will be considered and a new industrial estate will be established for them after studying their proposal in detail.

Earlier Kh Khalid Javed, a noted industrialist, briefed Bajwa of the problems confronted by their community. He said that there were no plots left in the Islamabad industrial area which was hampering expansion and new investments. Therefore, he said, a new industrial estate should be established on the CPEC route at Hakla Dera Ismail Khan Motorway so that new industrial units could be established there as land is already available there.

Tariq Sadiq said that they had identified a site at Hakla Dera Ismail Khan Motorway while the Capital Development Authority (CDA) and the Rawalpindi Development Authority (RDA) were studying the proposals.

Bajwa told the delegation that the CPEC Authority was already studying a proposal regarding establishing Special Economic Zone in Islamabad and if found feasible, an industrial zone would be established to fulfil the demand of industrialists of Islamabad.

He said the government has allocated Rs 87 billion in the upcoming budget for the execution of CPEC projects and we are expecting increased Chinese investments.

Bajwa said China was also cooperating with Pakistan in the agriculture sector and supporting cotton seed development while many Chinese investors are keen to invest in modern corporate farming.