Islamabad: According to a news source, Parliamentary Committee on China-Pakistan Economic Corridor (CPEC) expressed dissatisfaction over delay in the process of completion of projects under a Chinese grant of $1 billion. The committee recommended to provinces to effectively and timely utilize the grant.
Further, the meeting of the Parliamentary Committee on China-Pakistan Economic Corridor (CPEC) held under the Chairmanship of Sher Ali Arbab, MNA. Additional Secretary, Ministry of Planning, Development & Special Initiatives, Secretary, Board of Investment, Secretary, M/o Communications, Member (IR), FBR, Senior Joint Secretary, and M/o Commerce briefed the committee regarding waiver of taxes on industries as per model extended to the construction sector and updated progress on Axle Load Policy.
Also, the Committee, while highlighting the importance of the second phase of the China-Pakistan Economic Corridor, observed that utmost efforts were exerted to the first phase of CPEC. Moreover, now Pakistan has entered into the most promising second phase of CPEC.
The focus of the CPEC’s second phase is to operationalize Gwadar and Special Economic Zones and set up important industries there. Given Pakistan’s weak economy we will be doomed if these goals are not achieved. Therefore the purpose of waiver of taxes on industries as per the model extended to construction will lead Pakistan to sustainable economic development.
Furthermore, the Committee expressed dissatisfaction over the delay in the process of completion of the projects under a Chinese grant of $1 billion. The Committee recommended to provinces to timely utilize the $1 billion Chinese grant by undertaking those projects which will bring sustainable impacts for improving the lives of common people.
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