ISLAMABAD: China-Pakistan Economic Corridor Chairman Authority, Lieutenant General (r) Asim Saleem Bajwa on Thursday said that all-out efforts are being made to speed up industrialization under CPEC, a flagship project of the Belt and Road Initiative.
Promotion of industry is a key target for CPEC which is imperative for the economic development, revenue enhancement and job creation, he said.
Bajwa said that private investors would be encouraged for joint ventures; however, the maximum focus would be on the industries that could support import substitution or boost exports.
He was talking to a delegation of leading industrialists of Islamabad led by ICCI President Sardar Yasir Ilyas Khan which called on him here. Islamabad Industrial Association President Tariq Sadiq, Senior Vice President Omais Khattak, Khalid Javed, Sheikh Amir Waheed, Chief Coordinator Malik Sohail Hussain were also present at the occasion.
The CPEC chief said that the demand of the industrial community of Islamabad will be considered and a new industrial estate will be established for them after studying their proposal in detail.
Earlier Kh Khalid Javed, a noted industrialist, apprised Bajwa of the problems confronted by their community. He said that there are no plots left in the Islamabad industrial area which is hampering expansion and new investments.
Therefore, he said, a new industrial estate should be established on CPEC route at Hakla D I Khan Motorway so that new industrial units could be established there as land is already available there.
Tariq Sadiq said that we have identified a site at Hakla D I Khan Motorway while CDA and RDA are also in the process of studying the proposals.
Bajwa informed that CPEC Authority is already studying proposal regarding establishing Special Economic Zone in Islamabad and if found feasible, an industrial zone would be established to fulfill the demand of industrialists of Islamabad.
He said that the government has allocated Rs87 billion in the upcoming budget for execution of CPEC projects and we are expecting increased Chinese investments.
Bajwa said that China was also cooperating with Pakistan in the agriculture sector and supporting in cottonseed development while many Chinese investors are keen to invest in modern corporate farming.