CRSS China Watch – January 29 2016

In a meeting with Aabraj group on January 28, 2016 for the CPEC project, Mr. Ahsan Iqbal, minister for planning, development and reform underlined that Pakistan has become an attractive destination for foreign direct investment. The improved security condition and contemporary accelerated economic growth envisage Pakistan to be in the top 25 economies of the world by 2025, he added.[1]

The CPEC project has enabled Pakistan to attract foreign aid and financial assistance from China for further power and energy projects. According to the sources at Alternate Energy Development Board, upto two billion dollars have been invested in alternate energy projects, so far. China plans to offer 500 million dollars for the development of solar and air power projects.[2]

Federal Board of Revenue (FBR) Chairman Nisar Muhammad Khan told the Senate Standing Committee on Finance on 28 January, 2016 that to ensure the verification of Certificates of Origin, value and description of imported goods under Free Trade Agreement (FTA) between Pakistan and China, an electronic data exchange system has been established. This would help reducing scams in the submission of manual certificates by importers.[3]

[1] http://www.thenews.com.pk/print/94436-CPEC-makes-Pakistan-investment-destination

[2] http://www.thenewstribe.com/2016/01/29/china-to-provide-pakistan-with-500-million-usd-for-power-projects/

[3] http://www.brecorder.com/taxation/181/11166/

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