CPEC: Pakistan invites Bulgaria to invest in SEZs

Islamabad, October 4: Pakistan has invited Bulgaria to invest in the Special Economic Zones (SEZs) being built under the gigantic China-Pakistan Economic Corridor (CPEC).

In a meeting between Secretary Board of Investment (BOI) Fareena Mazhar and Bulgarian Ambassador to Pakistan Irena Gancheva, different areas of cooperation economy and investment were discussed.

The two sides agreed to enhance bilateral economic cooperation in different sectors and intend to ensure investment in different potential areas.

They agreed to initiate the proposal for the investment in different potential areas including Information Technology (IT), food Processing and Tourism Sectors for Investment.

Secretary BOI apprised the Ambassador on regulatory reforms being introduced by the Board of Investment that have been making the business climate of Pakistan immensely investor friendly and CPEC SEZs were attracting huge investment.

She pointed out that the COVID situation in Pakistan had been improving and the government has handled the pandemic efficiently, making it easy for foreign investors to visit and safely stay in Pakistan.

Elaborating on priority areas of investment, Fareena Mzahar mentioned that the Pakistan government was encouraging investment in value-added textiles and food processing sector.

The Secretary assured that a virtual meeting between the Board of Investment and its Bulgarian counterpart: Invest Bulgaria Agency will be organized by end of this month to rejuvenate the Memorandum of Understanding (MoU) and further explore possible areas of cooperation.

The Bulgarian ambassador highlighted that there were a lot of opportunities and potential in terms of mutual investment between the two countries.

She expressed special interest in Pakistan’s IT sector from investment point of view and underscored the significance of Pakistan’s strategic location as a gateway to Asian market.

She added that Bulgaria shares its border with Turkey, making it the first country of European Union in terms of its geographical location with respect to Asia and it can serve as a gateway to the European market for Pakistan’s products.

The Ambassador noted that food processing specifically yogurt and cheese manufacturing were Bulgaria’s areas of specialty and it would be a favorable sector to invest in Pakistan.

An MoU has already been signed between Invest Bulgaria Agency and Board of Investment which “needs to be implemented with full force,” she said.