CHONGQING: “BOI would like to extend all-out support to the companies from Chongqing to invest in Pakistan, and looks forward to deepening relations with the Government of Chongqing, China.” Asim Ayub, Project Director of Pakistan Board of Investment highlighted on 2022 Chongqing Jiangbei District International Investment Promotion on Thursday.
During the 6th Joint Working Group meeting on CPEC Industrial Cooperation (IC) held by National Development and Reform Commission (NDRC) of China and Board of Investment (BOI) Pakistan, NDRC proposed the inclusion of the provincial and municipal Development and Reforms Commissions for advancing the industrial cooperation between Pakistan and China. Strengthening economic and trade exchanges between Chongqing and Pakistani cities is of great significance to give full play to their complementary advantages, carrying out pragmatic exchanges and cooperation, and benefiting people in the cities.
Chongqing’s cooperation with Pakistan covers a wide range of fields, including trade, business, education, etc., and there is still great potential to be further unleashed. Asim Ayub underlined that BOI is taking the lead in CPEC industrial cooperation by providing enabling environment for business-to-business and people-to-people cooperation, through policy support, promotion of joint ventures between Pakistani, Chinese and 3rd-country companies, in addition to promoting and governing the Special Economic Zones in Pakistan.
“Pakistan provides a myriad of opportunities for foreign businesses to flourish and prosper. The Special Economic Zones provide a 10-year income tax holiday and one-time custom duty exemptions for plants and machinery, both for the developers and zone enterprises.” Asim Ayub further said, “the Government of Pakistan highly values Chinese investment and through its liberal investment regime, promises the possibility of 100% repatriation of capital, profits, and dividends.”
He also expressed hope to work jointly with Chongqing to attract investments in various sectors, on the foundation of the framework agreement on CPEC-IC. These sectors may include agriculture, textile, mines & minerals, hi-tech and skills development in IT and science. -Agencies