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PCJCCI chief urges preferential policies for attracting investment

PCJCCI chief urges preferential policies for attracting investment

LAHORE: Preferential policies will be necessary to attract enterprises for the special economic zones (SEZs) and industrial parks envisioned under the China-Pakistan Economic Corridor (CPEC).

Shah Faisal Afridi, president Pak-China Joint Chamber of Commerce and Industry (PCJCCI) said this while speaking at a meeting here on Friday.

He said that the areas where such preferences need to be extended are land, tax, logistics and services as well as land price, enterprise income tax, tariff reduction and exemption in sales tax rate.

“It is very important to take on board the representatives of all relevant organisations including the Pak-China specialised chambers, associations, business forums and centers,” he added.

He said that the organisations working independently for the solidarity of Pak-China relations must share their knowledge regarding the specification of Special Economic Zones to be set up jointly by both countries.

Faisal Afridi said that the PCJCCI is constantly in contact with Chinese delegations and it is also well aware of the Chinese market needs and where Pakistan can fill the gap by developing its potential sectors that are lagging merely due to lack of technology and infrastructure.

“Due to lack of cold-chain logistics and processing facilities, 50% of agricultural products of Pakistan go waste during harvesting and transportation, and it is where the entry of Chinese counterparts will fill the gap by overcoming these impediments,” he said.

He said that the PCJCCI was already taking special initiatives to bring investment from China in the eight potential industrial sectors including furniture, handicrafts, textiles, fertilizer, cement, glass work, energy and pharmaceuticals. These sectors are identified after the mutual data sharing by both countries, he added.