Senior Vice President Federation of Pakistan Chambers of Commerce & Industry ( FPCCI) Dr. Mirza Ikhtiar Baig has said that the trickle-down effects of CPEC will be achieved from Special Economic Zones (SEZs) and relocation of industries from China
Islamabad (Pakistan Point News / Online - 26th March, 2019) Senior Vice President Federation of Pakistan Chambers of Commerce & Industry ( FPCCI) Dr. Mirza Ikhtiar Baig has said that the trickle-down effects of CPEC will be achieved from Special Economic Zones (SEZs) and relocation of industries from China.He was speaking to a seminar SEZs organized by FPCCI in collaboration with Embassy of Republic of China and Chinese Council for Promoting South-South Cooperation here on Tuesday.
Dr. Baig highlighted the special incentives allowed by the government to investors for the industries in SEZs which includes one-time exemption from duty and taxes on import of plant and machinery, five-year tax exemption during construction and development of projects, ten-year tax holidays during operation and production started by 30th June, 2020 and additional five-year tax holidays making total 20 years of tax exemption. He stressed on the benefits of relocation of industries mainly textile from China in SEZs to benefit from Pakistan's expertise in textile sector and local availability of raw material.
Chairman board of Investment (BOI), Haroon Sharif, said that the Forum is organized at opportune time when there is global shift in the investment planning and activities, as the developed world is facing huge uncertainty.The Ambassador of China Yao Jing and the Chairman of Chinese Council for Promoting South-South Cooperation Lv. Xinhua also addressed the Forum and emphasized South-South Cooperation aimed to achieve shared economic and development goals between Pakistan and China. They further emphasized that both countries to promote joint venture projects to achieve export-led growth in SEZs under CPEC.
