A parliamentary panel on Wednesday expressed dissatisfaction over delay in the process of completion of socio-economic projects under the Chinese grant of $1 billion.
The 36th (in-camera) meeting of the Parliamentary Committee on China-Pakistan Economic Corridor (CPEC) was held under the Chairmanship of MNA Sher Ali Arbab.
The Committee was briefed by Additional Secretary, Ministry of Planning, Development & Special Initiatives, Secretary, Board of Investment, Secretary, M/o Communications, Member (IR), FBR, Senior Joint Secretary, M/o Commerce, regarding waiver of taxes on industries as per model extended to the construction sector and updated progress on Axle Load Policy.
The Committee, while highlighting the importance of the second phase of the China-Pakistan Economic Corridor, observed that utmost efforts were exerted to expeditiously complete the first phase of CPEC. Now Pakistan has entered into the most promising second phase of CPEC.
The focus of the CPEC’s second phase is to effectively operationalize Gwadar and Special Economic Zones and set up important industries there. Given Pakistan’s weak economy, the country will be faced with severe adversity if these goals are not achieved.
Therefore, the purpose of waiver of taxes on industries as per model, extended to the construction sector, is to incentivize industries, enhance local and foreign direct investment, generate revenue, create massive employment opportunities for local people and ultimately lead Pakistan towards the path of sustainable economic development.
The Committee recommended to the Federal Board of Revenue to convene a joint meeting, along with the Board of Investment, Ministry of Commerce, and Ministry of Industries & Production, and come up with comprehensive proposals so that the industrial sector could be incentivized well in time.
Secretary Ministry of Communications informed that they have requested Prime Minister Office to reconstitute the Committee for further deliberation and taking a decision on the implementation of axle load policy.
The Committee observed that the lack of implementation of axle load policy is causing severe damage to the road infrastructure and burden on the national exchequer in form of road repair. The Committee decided to take up the issue at the highest forum to ensure the implementation of the law in letter and spirit.
The Committee expressed dissatisfaction over delay in the process of completion of socio-economic projects under the Chinese grant of $1 billion. The Committee recommended to provinces to effectively and timely utilize the $1 billion Chinese grant by undertaking those socio-economic projects which could bring value addition and sustainable impacts for improving the lives of common people.
The meeting was attended by MNAs Noor Alam Khan, Sadaqat Ali Khan Abbasi, Umer Aslam Khan, Nafeesa Inayatullah Khattak, Ahsan Iqbal Chaudhry, Sardar Ayaz Sadiq, Mehnaz Akber Aziz, Zahid Akram Durrani, and Muhammad Aslam Bhootani.
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