RASHAKAI— Prime Minister Shehbaz Sharif on Wednesday said the government was committed to completing Special Economic Zones (SEZs) at the earliest to boost industrialization and ensure development and prosperity in the country.
During his visit to Rashakai Special Economic Zone, he said all problems and hurdles in the smooth execution of SEZs would be addressed on a priority basis.
PM Sharif said focusing on establishing SEZs across the country would boost industrialization, and exports and generate employment.
He said the solution to Pakistan’s economic problems was massive industrialization and diversifying the export base.
He said massive economic activity in the country would create employment, encourage exports and stimulate import substitution.
The prime minister said nine SEZs had been planned to be developed in Pakistan aimed at promoting industrial infrastructural and technology transfer.
He said China had switched to high-tech industrial projects and invited the Chinese companies to invest in Pakistan.
He said the Chinese expertise in technology and the cheap labour of Pakistan could act in a balance to benefit both sides.
The prime minister proposed the launch of roadshows in China to highlight Pakistan’s potential for trade and investment.
He emphasized on sharing of expertise between the two countries and the need to further augment development by exploring areas in Khyber Pukhtunkhwa and other parts of Pakistan.
He directed the authorities to follow the timelines of the projects related to SEZs and announced holding a virtual meeting in the future to sort out ways for improvement.
Former Punjab Chief Minister said with the China Pakistan Economic corridor (CPEC) entering the most crucial second phase of implementation, it was important to focus on the establishment of SEZs to make them the model of development.
The RSEZ, is a six to seven-year project would be developed in three phases. Total area designated for the industrial use is 702 acres and as per Federal SEZ Areas Regulations,159 acres would be developed in Phase I, 279 acres in Phase II and 264 acres in Phase III, besides 76 acres of land allocated for the commercial use.