ISLAMABAD – Prime Minister Shehbaz Sharif on Tuesday laid down the foundation stone of the Islamabad Special Economic Zone.
The zone, which is being built under the CPEC project, is located near Rawat. It spans over 1,000 acres of valuable industrial land at the intersection of the N-5 and Islamabad Motorway. It will attract $2.5 billion investment and provide 1,000 new jobs.
Addressing the groundbreaking ceremony, the PM said that Pakistan has come out of the risk of a default after reaching a deal with the IMF and now it should focus on boosting exports like its neighbours.
He said the Islamabad Model Special Economic Zone was launched with a delay of five years as nine SEZs were planned to be built under the China-Pakistan Economic Corridor (CPEC). He said that land was allotted and designs for the SEZs in Punjab were finalised, but the previous government put hurdles in the way of these projects and tried to undermine the Pak-China ties.
The prime minister said that during Nawaz Sharif’s tenure, $30 billion Chinese investment came to the country in the form of CPEC with power and road projects.
He told the gathering that after the Chinese industry is gone hitech, Pakistan has the golden opportunity to learn from the Chinese textile expertise, go for joint ventures and bring Chinese second hand machinery to Pakistan to boost its exports.
