Sino-Pak ties: China, Pakistan sign accord on economic zone

[Edevelop]

BEIJING: Pakistan on Wednesday signed a pact with Chinese Enterprise Confederation (CEC), a key Chinese business enterprise, for setting up a Special Economic Zone (SEZ) in Pakistan.

The signing ceremony was held at the Diaoyutai State Guest House here in the presence of a large number of government and other officials.

Faisal Afridi, Chief Executive of Ruba-SEZ, and Jun Ma, Chairman of CEC, inked the agreement on behalf of their respective organisations.

According to Afridi, the SEZ will be set up near Lahore soon. In the first phase, the SEZ will be spread over 900 acres of land. Later, it will be expanded to cover 3,000 acres and finally 10,000 acres.

Afridi said the CEC, which has 54,500 members, has representatives from China’s top 500 business entities. CEC members will submit their plan and proposals for investment in Pakistan.

He said Pakistan can offer enormous investment opportunities to Chinese investors. Owing to Pakistan’s strategic location and close proximity to China, Chinese investors can set up their industries in the SEZ and can sell their products not only in Pakistan, but also capture the growing Middle Eastern market, he added.

Speaking on behalf of Pakistan embassy in China, Salim Khan highlighted the significance of economic, political and people-to-people relations between Pakistan and China.

Sino-Pak ties: China, Pakistan sign accord on economic zone – The Express Tribune