China is planning to replicate the model of Shanghai Free Trade Zone (SFTZ) in Gwadar, said Pak-China Joint Chamber of Commerce and Industry (PCJCCI) President Shah Faisal Afridi as he highlighted various investment projects on Tuesday.
The official said that China is also planning to invest $50 billion into a number of projects including coal, solar and wind energy till 2017 under the Early Harvest Programme.
He added that these would enable Gwadar to create a nexus among Pakistan, Iran, China and Central Asian States that would ultimately generate billions of dollars in revenues along with several job opportunities.
“The SFTZ is a perfect model to be implemented at Gwadar. It was first used as a testing ground for a number of economic and social reforms in China and it proved very helpful in scaling up the country’s economic growth,” said Afridi.
The zone, he said, incorporated numerous relaxations in different sectors, under the FTZ’s new capital registration system — foreign investors were no longer required to contribute 15% capital within three months and full capital within two years of the establishment of a foreign invested enterprise (FIE).
The ‘one-stop application processing platform’ was introduced at the zone, he said, which meant that applicants may obtain all the necessary documents for the company establishment under one roof.
The Chinese assistance in the development of this port is essential in positively impacting the country’s economy.
Published in The Express Tribune, September 10th, 2014.