ISLAMABAD, Feb. 5 (NsNewsWire) — Pakistani Finance Minister Asad Umar has proposed changes in the initial plan of special economic zones (SEZs) under the China-Pakistan Economic Corridor (CPEC) in order to make them more investor friendly, the official Xinhua news agency said Tuesday, citing local media reports.
In a meeting of Economic Cooperation Committee (ECC) here, the finance minister directed the board of investment, an institution under the Prime Minister Office which is responsible for making policies to mobilize and facilitate local and foreign investment, to approve application of companies interested in investing in the SEZs in 45 days from previous 90 days.
Chaired by Prime Minister Imran Khan, the purpose of the meeting was to deliberate upon the country’s economic situation, and form a future strategy for the stability and revival of economy.
Both China and Pakistan have agreed to make CPEC focus on industrial cooperation after the first five-year early harvest period since 2013. The joint venture in the SEZs is a major area in the bilateral industrial cooperation between China and Pakistan under CPEC aiming at boost local economy and employment.