Key points
- Body asked to find energy solutions in port city
- Detailed roadmap sought within five days
- US-China trade war shows no signs of de-escalation
ISLAMABAD: Pakistan has initiated efforts to devise a roadmap aimed at attracting Chinese industries for potential relocation to the country in the wake of the ongoing tariff dispute between China and the United States.
To support this ambition, Pakistan is preparing a strategic framework to offer incentives designed to lure Chinese industries to Gwadar, the deep-sea port city at the heart of the China-Pakistan Economic Corridor (CPEC).
According to The Express Tribune, the government is implementing several additional measures to rejuvenate economic activity in the area.
The Cabinet Committee on Chinese Investment Projects (CCoCIP) has tasked the Board of Investment (BOI) and the Ministry of Industries & Production with creating a detailed roadmap within five days, Profit Pakistan reported.
Attracting Chinese industries
This roadmap will focus on attracting Chinese industries to relocate to Pakistan amidst the ongoing tariff dispute.
In a recent meeting, the CCoCIP reviewed a report from the Ministry of Maritime Affairs and issued several key directives aimed at boosting Pakistan’s position as a relocation hub.
One of the major decisions was for the Ministry of Commerce to immediately issue a Statutory Regulatory Order (SRO) allowing the export of Potassium Sulphate fertilizer from Gwadar Port, bypassing existing restrictions under the Export Policy Order.
Formal notification
This move had already been approved by the Economic Coordination Committee (ECC) and the federal cabinet, but formal notification was pending.
The committee also instructed the Ministry of Planning, Development and Special Initiatives to organise a high-level meeting with representatives from various government departments to discuss the implementation of Foreign Currency Facilitation as a pilot project in the Gwadar Free Zone.
