Pakistan sets up special body for CPEC project

Pakistan sets up special body for CPEC project

China's President Xi Jinping shakes hands with Pakistan's Prime Minister Imran Khan before a meeting at the Great Hall of the People in Beijing, China April 28, 2019. Photo/Reuters

Pakistan on Monday set up a special body to oversee investments and execute projects under the multi-billion China-Pakistan Economic Corridor (CPEC) project.

President Arif Alvi promulgated an ordinance to set up the CPEC Authority on the eve of Prime Minister Imran Khan's trip to China to discuss investment opportunities.

Army Chief General Qamar Javed has also reached China where he would meet the country's military leadership and join PM Khan in his political meetings, according to a brief statement by the Army.

Alvi also issued another ordinance to grant tax concessions to the Gwadar port and its free zone.

While the "CPEC Authority Ordinance 2019" will set up the new body to oversee and implement the CPEC, the "Tax Laws (Amendment) Ordinance 2019" will give income, sales tax and custom duty exemptions to Gwadar port and Gwadar Free Zone.

The CPEC Authority will carry forward the work from the CPEC secretariat.

The CPEC was launched in 2015 when Chinese President Xi Jinping visited Pakistan.