Daily Times

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has signed a memorandum of understanding (MOU) with the China Overseas Ports Holding Company Pakistan (Private) Limited (COPHC) to set up a facilitation centre in Gwadar free zone, which would extend assistance to investors to do business in Pakistan.

On the occasion, Ports and Shipping Minister Mir Hasil Khan Bizenjo chaired the ‘Gwadar Port and Free Zone, Business Initiative and Consultative’ seminar. The MOU’s objective was to facilitate coordination and cooperation between the two entities through the establishment of a facilitation centre by the SECP, which would play the role of a bridge between the SECP’s registration offices and the potential investors on matters relating to the registration of companies and post-incorporation activities in Pakistan.

SECP Additional Registrar Sidney Pereira and COPHC Chairman Zhong Bao

Zhong signed the MOU. Minister Mir Bizenjo, Gwadar Port Authority Chairman Dostain Khan Jamaldini, Acting Consul General of China in Karachi Mu Yongpeng and Ports and Shipping Secretary Khalid Pervez witnessed the signing ceremony, which was held at a local hotel in Karachi.

The SECP has instituted numerous radical reforms, encouraging corporatisation, i.e., substantial reduction in registration fee, providing complimentary certified copies, offering incorporation of a company within one day, reducing the fast track registration time from four hours to two hours only, accepting payment of fee through online transfer of funds and credit card and issuing digital signature from NIFT electronically.

Speaking on the occasion, the guests highlighted that COPHC is a concession holder at Gwadar port engaged in the construction, development and operations of Gwadar port and Gwadar free zone.

The government has transferred 637 acres of land for free zone, which would be developed in a phased manner starting with state-of-the-art commercial centre, complete infrastructure such as roads, drainage, water treatment and supply, electricity, gas and telecommunication network, warehousing facilities, built in offices, built-in light industrial units, and developed plots would be offered to prospective investors.

This move comes in the backdrop of the recent announcement by the government of incentivised package under the Finance Act 2016 for industrialists and entrepreneurs who are vying to venture in the Gwadar free zone.

The development of this zone is envisaged to attract local and foreign direct investment.