Minister of State for Parliamentary Affairs, Ali Muhammad Khan announced that nine special economic zones would be established in different areas of the country, including in Bostan area of Baluchistan under the umbrella of China Pakistan Economic Corridor (CPEC). Special Commentator of China Economic Net, Cheng Xizhong said Pakistan and China will enjoy a significant increase in their trade under the second phase Free Trade Agreement (FTA). Foreign Minister Shah Mehmood Qureshi has turned down rumours that Beijing is setting up military bases in Pakistan. The Khyber Pakhtunkhwa Economic Zones Development and Management Company (EZDMC) has signed a concessional agreement with China Roads and Bridges Corporation (CRBC) to develop Rashakai Special Economic Zone (RSEZ).
Nine economic zones to be established under CPEC
Minister of State for Parliamentary Affairs, Ali Muhammad Khan announced that nine special economic zones would be established in different areas of the country, including in Bostan area of Baluchistan under the umbrella of China Pakistan Economic Corridor (CPEC). During the Question Hour, Mr. Ali Muhammad told the Senate that a feasibility report for establishing special economic zone in Bostan has already been received. He said that he had no information about shifting of proposed zone in Bostan to Lasbila. Haroon Sharif has lauded the cordial relations between Pakistan and China, saying that the government wanted CPEC to be a multidimensional initiative, which would bring foreign direct investment parallel to infrastructure development.[i]
FTA to bring dramatic increase in Pak-China trade
Special Commentator of China Economic Net, Cheng Xizhong said Pakistan and China will enjoy a significant increase in their trade under the second phase Free Trade Agreement (FTA). The revised FTA that was signed in presence of Chinese Premier Li Keqiang and Prime Minister Imran Khan on Sunday is to be effective from July 1st 2019. According to Mr.Cheng Xizhong, who is also a visiting professor at Southwest University of Political Science and Law, the second phase agreement will facilitate Pakistani exports to China, and further strengthen the trade and economic relations between the countries. Naturally the trade volume between the two countries is expected to enjoy a dramatic increase.[ii]
Reports of China setting up military bases in Pakistan are baseless: Qureshi
Foreign Minister Shah Mehmood Qureshi has turned down rumours that Beijing is setting up military bases in Pakistan. On Thursday, the United States Defense Department had stated that China was seeking to establish military bases around the world to protect its investments in its ambitious One Belt One Road global infrastructure program. The Pentagon report stated that China will seek to establish additional military bases in countries with which it has a longstanding friendly relationship and similar strategic interests, such as Pakistan, and in which there is a precedent for hosting foreign militaries. He further added that such baseless rumours were an attempt at disrupting progress in Pakistan by state enemies.[iii]
Special Economic Zones to be setup in Rashakai
The Khyber Pakhtunkhwa Economic Zones Development and Management Company (EZDMC) has signed a concessional agreement with China Roads and Bridges Corporation (CRBC) to develop Rashakai Special Economic Zone (RSEZ). The agreement was signed during Prime Minister Imran Khan’s recent visit to China on the occasion of second Belt and Road Forum. It said that Rashakai SEZ was the key milestone and the first project for implementation of industrial cooperation under CPEC. CRBC in collaboration with EZDMC plans to develop 1,000 acres of land as SEZ in Rashakai. CRBC will market the zone to local and foreign investors. Rashakai SEZ will have industries like pharmaceutical, textile, food and beverages, steel and various engineering related industries. This initiative by the government of KP will provide direct and indirect job opportunities to 200,000 locals once the SEZ is fully colonised. Investment of multibillion rupees is expected by industrialists from Pakistan and abroad, while hundreds of online applications for the SEZ have already been received.[iv]
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[i] Nine economic zones to be established under CPEC: Minister. (n.d.). ARY NEWS. Retrieved May 6, 2019, from https://arynews.tv/en/nine-economic-zones-established-cpec/
[ii] FTA to bring dramatic increase in Pak-China trade. (n.d.). The News. Retrieved May 6, 2019, from https://www.thenews.com.pk/print/464929-fta-to-bring-dramatic-increase-in-pak-china-trade
[iii] No truth in reports China Setting up military bases in Pakistan: Qureishi. (n.d.). Express Tribune. Retrieved May 6, 2019, from https://tribune.com.pk/story/1965707/1-no-truth-reports-china-setting-military-bases-pakistan-qureshi/
[iv] Special Economic Zones to be set up in Rashakai. (n.d.). Dawn News. Retrieved May 6, 2019, from https://www.dawn.com/news/1480084/special-economic-zone-to-be-set-up-in-rashakai