China Asia Economic Development Association (CAEDA) has made an announcement to invest US$ 13 billion in Pakistan’s free trade zone. This strategic investment will boost the economic development of Pakistan and enlarge its position in the world’s global market.
The initial estimated capital for the project would be in the range of $8 billion to $13 billion, and the capital can scale up to $30 billion as the project goes forward. It is going to not only be used to fulfill the needs of Pakistan but also for international trade purposes to create new business opportunities and facilitate economic growth.
The other notable feature of this free trade zone is the establishment of a duty-free shopping mall, offering international goods to Pakistani consumers. This shall provide global products at a reasonable value and accessible price to the local population and further integrate Pakistan into the global trade network.
Apart from this, CAEDA has invested $500 million and committed to providing 20 fishing boats to support Pakistan’s fishing industry. This will give a further boost to the fishing capacity of the country while providing it with more opportunities for seafood export.
A delegation of CAEDA recently paid a visit to Pakistan met the Special Investment Facilitation Council and presented several potential plans for investments. A meeting with the Ministries of Energy and Health also led to refined petroleum products, solar power grid connections, and pharmaceutical investment sector being agreed upon.
It is a milestone in closer economic cooperation between China and Pakistan. The investment is going to trigger the operation of a large number of employment opportunities, swift development of the technological sources of the Pakistani state, as well as the growth of its national economies’ exports, making the country an important factor in regional trade.
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