Chairman China-Pakistan Economic Corridor (CPEC) Authority, Lieutenant General (retd) Asim Saleem Bajwa on Thursday said 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.
Asim Saleem Bajwa said 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 President ICCI Sardar Yasir Ilyas Khan which called on him here. President Islamabad Industrial Association (IIA) Tariq Sadiq, Senior Vice President IIA Omais Khattak, Khalid Javed, Sheikh Amir Waheed, Chief Coordinator IAA Malik Sohail Hussain were also present at the occasion.
Chairman CPEC 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 Asim Saleem 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.
Asim Saleem 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 informed 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 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.