China to set up SEZ in Pakistan

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Islamabad, Jun 18 (UNI) China will set up its first-ever Special Economic Zone (SEZ) in Pakistan as part of efforts to further boost economic and trade ties between the two countries.

''We will extend all possible help to establish the first-ever Chinese SEZ in the country which will be yet another landmark in the all-weather friendship between the two countries,'' Prime Minister Yousuf Raza Gilani said here today.

He was talking to Lu Keng, Chairman of the Haier Group who called on him at his Chamber in the parliament house this morning. The Prime Minister said Pakistan welcomes the Haier Ruba joint venture and the government would encourage more joint ventures to promote economic cooperation between the two countries.

''Joint ventures between the private sectors is the best way to promote trade and investment between our two countries'', he added.

The Prime Minister said foreign investment is fully protected in Pakistan and all economic sectors are open to Foreign Direct Investment (FDI).

''Pakistan makes no distinction between local and foreign investors as 100 per cent foreign equity, remittance of royalty, profits and dividends is allowed under Pakistani laws'', he said.

The Chairman of the Haier Group informed the Prime Minister that Chinese entrepreneurs are keen to invest in Pakistan and the establishment of the Zone would go a long way in facilitating Chinese investment in Pakistan.

He also gave an overview of the zone to the Prime Minister which he said will comprise industrial park, science and technology park, supply chain industry, skill development centre and research and development centre.

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