S. M. Naveed, Chairman of the Special Economic Zones Authority (SEZA), enthusiastically discussed Pakistan's progress during a recent meeting at his office. Pakistan is actively developing five out of the nine Special Economic Zones (SEZs) designated under the China-Pakistan Economic Corridor (CPEC). These include the Allama Iqbal Industrial City in Faisalabad, Punjab; Dhabeji SEZ in Sindh; Rashakai SEZ in Khyber Pakhtunkhwa; and Boston SEZ in Balochistan. Notably, the rapidly advancing Gwadar Free Zone in Gwadar is also making significant strides.
Naveed emphasized that the first phase of Gwadar Free Zone, encompassing 60 acres of land, is already fully operational, while the expansive second phase, spanning over 2,200 acres, is currently under construction.
During the meeting, both Pakistani and Chinese authorities jointly reviewed the progress of the SEZs. Their shared belief is that these zones will play a pivotal role in revitalizing Pakistan's economy, generating substantial employment opportunities, and bolstering foreign exchange reserves.
Naveed further stated that numerous representatives from Chinese companies have visited Pakistan to address outstanding issues related to these projects. They were assured that all hurdles hindering the success of these initiatives would be promptly resolved. Pakistan is keen on relocating Chinese industries to the CPEC SEZs, leveraging the expertise of these companies.
The key sectors targeted for foreign direct investment in Pakistan include textile, information technology, agriculture, science and technology, and mining. These sectors are critical to boosting exports and reducing the country's reliance on imports. The upcoming CPEC projects will primarily focus on these sectors, offering a two-fold benefit of reducing imports and increasing exports.
Chairman Naveed shared that the combined area of the notified SEZs across the country totals approximately 10,029.64 acres of industrial land. Of this, 52%, equivalent to 5,220.62 acres, has already been allocated to investors for industrial development, with planned investments amounting to Rs 633.9 billion, of which 43.6% constitutes foreign direct investment (FDI) amounting to USD 1.73 billion.
In conclusion, Naveed believes that the China-Pakistan Economic Corridor presents a unique opportunity for Pakistan to revitalize its economy and address pressing economic challenges such as trade deficits, dwindling reserves, a depreciating rupee, and other financial hurdles. This initiative has the potential to usher in a new era of economic stability for the country.