Chinese company to set up economic zone in Zulfiqarabad

Islamabad: The proposed new city of Zulfiqarabad in Sindh took a significant step forward as a Chinese company submitted a proposal to set up an economic zone in the new city and also offered to sign MOU before the forthcoming visit of the Chinese Vice President to Pakistan. The economic zone, as proposed by the Chinese investor, will house leading investors and industrialists from China to undertake mega developmental projects in the new city project.

This was stated during a briefing today in the Presidency chaired by President Asif Ali Zardari. Those who were present during the briefing included Finance Minister Dr. Hafeez Sheikh, Secretary General Mr. M. Salman Faruqui, Dr. Nadeem-ul-Haq, Deputy Chairman Planning Commission, Secretaries of Communication, Economic Affairs and Planning divisions, Chairman NHA and other senior officials.

From Sindh Government, the meeting was attended by Provincial Finance Minister Mr. Murad Ali Shah, Mr. Shavaiz Shamon, Senior Member Board of Revenue, and other concerned senior officials.

Briefing media Spokesperson to the President Mr. Farhatullah Babar said that the proposed economic zone would not be confined to industrial and economic activities but cover the entire range of activities in a modern metropolis.

According to the proposal, the development program would be spread over 15 years split in two three-five year programs. Initially the industrialists and investors from China would be brought in to initiate the developmental activities which would subsequently be followed by investors from other countries.

Farhatullah Babar said that a significant feature is that the Chinese would invest and reinvest for 15 years before taking out profits.

The President directed that the Chinese proposal for the economic zone be thoroughly studied and recommendations forwarded to the Government, at the earliest.

He said that the whole idea of setting up a new city was to meet the challenges of the future and to develop safe, modern and an environment friendly coastal city having world class amenities with economic opportunities not only for the habitants of the city but also for the people of neighbouring areas.

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