HANGZHOU: Prime Minister Shehbaz Sharif has revealed that Pakistan will build an international-standard Special Economic Zone occupying 6,000 acres of land in Karachi, in its bid to strengthen economic ties with China during a historic trip to Hangzhou.
As per the statements delivered by Shehbaz Sharif during his speech at the Business-to-Business forum of Pakistan-China organized to commemorate 75 years of relations between both the countries, he gave his boldest speech regarding investments and presented a multifaceted approach which includes mining, agricultural, technology and industrial sectors.
“Pakistan is going to align itself with China on the path of development,” said PM Shehbaz Sharif while addressing businessmen, investors, and other attendees.
Karachi Special Economic Zone to Boost Foreign Investment
PM Shehbaz appreciated the swift pace of development in China under President Xi Jinping and pointed out that the development of Hangzhou city was in accordance with his vision and approach towards economics.
“President Xi Jinping turned China into a superpower in both economics and military mights,” he said while pointing out the importance of Pakistan adopting rapid economic reform measures.
SPZ to Strengthen Pakistan-China Ties
Pakistan-China ties are “deeper than oceans, higher than Himalayas, and now reaching the sky,” indicating the strong resolve of Islamabad to further strengthen collaboration with Beijing in various sectors. According to him, about 30 percent of the Memorandums of Understanding (MoUs) concluded between the two countries’ companies are well on the way to become billion-dollar deals.
Also Read: China IBI’s Digital HQ in Pakistan to Unlock $10 Billion China Trade
The government wants to accelerate investment projects to create jobs, boost exports, and strengthen Pakistan’s industrial sector.
As per Shehbaz Sharif, Pakistan and China now have identified four sectors in which collaboration is currently taking place, which include agriculture, information technology, special economic zones, and mines and minerals.
The youth in Pakistan is quite huge in number, and hence, the government has initiated schemes under which training programs for IT will be provided to them along with certification courses so that they can fit into the globalized world.
“Pakistan doesn’t need just money; it needs skills, technology, and investments.”
He urged both Chinese and international businessmen to look at the possibilities in the country’s mining and minerals industry because he believes the country has vast reserves that can boost its economy. The prime minister further emphasized the need to bring modernization in the agricultural sector with better seeds, modern equipment, and modern methods of farming. Value addition in production is another step the government will take. Millions of small-scale industries will be created in the rural areas.
Talking about the coming Special Economic Zone in Karachi, Shehbaz Sharif assured the investors that they would receive “red carpet treatment.”
The 6,000-acre Karachi Special Economic Zone will serve as a world-class industrial and investment hub designed to meet international standards. This development comes as part of the country’s efforts to revive foreign direct investments, exports, and economic collaboration within the context of China-Pakistan Economic Corridor project.
