Pakistan to become a stronger economy in the future through CPEC: Chinese Envoy
Ambassador of China Yao Jing on Monday reiterated China’s commitment in Pakistan’s bright future saying Prime Minister Imran Khan’s vision of ‘Naya Pakistan’ aims at making the country a stronger economy in future and China supports Pakistan in its economic revival through projects like China Pakistan Economic Corridor (CPEC).
He said this while addressing the Pakistan- China Trade & Investment Forum here on Monday.
Chairman of Council for Promotion South-South Cooperation (CPSSC) of China Lv Xinhua who is leading a delegation representing 28 Chinese business enterprises and a total of 40 entities was the chief guest on the occasion. He is in Pakistan to assess and interact with the local business companies, officials of the BoI and Ministry of commerce & trade etc.
Chairman Board of Investment (BoI) Haroon Sharif presided over the forum. In his welcome address FPCCI senior vice president said FPCCI is the apex body of entire trade and industry of Pakistan and is actively pursuing CPEC Development Agenda. The forum was participated by a large number of Chinese business companies and entities working in China as well as Pakistan.
Chairman BOI Haroon Sharif while welcoming the Chinese business and trade delegation said Pakistan a young market of 200 million offered much promise to the Chinese companies. Prime Minister Imran Khan, he said, himself is taking feedback on CPEC and its various stages. BOI has set up a dedicated unit only to look after the Chinese friends, traders and businessmen, he announced. Admitting there are some difficulties in starting business but he assured very soon they (Chinese companies) would see a marked difference.
He said Pakistan offers huge trade, business and investment opportunities to Chinese business companies and enterprises and its special economic zones (SEZs) are open to foreign companies and entrepreneurs who can safely invest there with tax exemptions and other concessions by the government of Pakistan.
He said there were immense opportunities and countless incentives under CPEC that include one-time exemption from duty and taxes on import of plant and machinery for developers and enterprises. it also includes five-year tax holiday on income accruable in relation to the development and operation of the SEZ for the developer. The tax exemption also includes ten-year tax holiday for enterprises on income accruable in relation to the production and operations started by June 30, 2020 and thereafter tax holiday for enterprises would be admissible.