CPEC SEZ to bring prosperity through public-private cooperation: Pakistani foreign minister

ISLAMABAD, July 16 (Xinhua) -- The Special Economic Zone (SEZ) under the framework of the China-Pakistan Economic Corridor (CPEC) in Pakistan's southern Sindh province is to ensure the socio-economic development of Pakistan, Foreign Minister Bilawal Bhutto Zardari said.

The SEZ will pave the way for industrialization in Pakistan by enhancing public-private collaboration and business-to-business cooperation between Chinese and Pakistani businessmen, Zardari said while speaking at a ceremony held in the Dhabeji SEZ in Sindh on Saturday.

He said that in the past public-private partnership including the Thar coal power project of CPEC showed good results, and the SEZ will also be a good addition to the partnership.

Zardari added that the project will generate over 100,000 jobs for locals by creating a network of industries in Sindh province.

Speaking at the event, Chief Minister of Sindh Syed Murad Ali Shah said that the SEZ covers an area of 700 acres, providing ample space for national and foreign investors to establish business units.

The investors who choose to set up their businesses in the SEZ will qualify for a tax exemption spanning 10 years and will be able to import machinery for their business needs without any duty, he added.

He emphasized that being 46 km from the Karachi airport, the SEZ will guarantee secure travel for foreign businessmen and administration.

Launched in 2013, CPEC is a corridor linking the Gwadar port in southwestern Pakistan with Kashgar in northwest China's Xinjiang Uygur Autonomous Region, which highlights energy, transport and industrial cooperation.