The government is considering granting Custom duty and Income Tax exemption to the companies investing in special economic and industrial zones of the China Pakistan Economic Corridor (CPEC).
Incentives, which are under consideration for those investing in special economic and industrial zones, include exemption on Custom duties, Exemptions on custom duties for initial import of Capital goods, Machinery & Equipment for establishment of Industry, said the Federal Minister Planning, Development & Reform Ahsan Iqbal here Tuesday.
The minister expressed these views while chairing the meeting of working group on China-Pakistan Economic Corridor (CPEC)’ investment projects and industrial park/special economic zones held at Ministry of Planning, Development & Reform. The officials from different provinces attended the meeting.
The minister said that the proposals for Income Tax Exemption are also being deliberated as well as dedicated Power Supply for SEZ would be ensured. The participants were informed that the investors, in special economic and industrial zones of the China Pakistan Economic Corridor (CPEC), would be provided with one-window facilitation to make investments in the proposed economic zones.
The minister pointed out that many industries in China are ripe for relocation and now it will be our prime task how to attract these relocating industries in our country.
The representatives of Punjab, Sindh and Khyber Pakhtunkhwa gave the presentations on potential sites for setting up the economic zones and industrial parks in their respective provinces. The representatives in their presentations pointed out that the economic zones under CPEC would generate enormous job opportunities in the country. The provinces pointed out development of new industrial estates and parks in potential areas along Economic Corridor and development of road linkages with existing industrial estates. Focus on provision of road networks and improvement of logistics.
Ahsan Iqbal asked the provinces to come up with the proposals as how the economic zones in CPEC can be made attractive for the investors. Identify the points of strength in different provinces, which can be utilised to make these economic zones successful ventures.