Chinese development association to invest $13 billion in Pakistan in five years — state media

The China Asia Economic Development Association (CAEDA) will invest up to $13 billion in a free trade zone in Pakistan in the next five years, state broadcaster Radio Pakistan reported on Sunday. 
As Pakistan reels from a prolonged economic crisis that has seen its foreign exchange reserves fall to critically low levels and its currency deteriorate significantly, Islamabad has sought to attract foreign investment from regional allies such as China and the Middle East to bolster its fragile economy. 
The South Asian country set up the Special Investment Facilitation Council (SIFC) last year to attract foreign investment in economic sectors such as mining, agriculture, tourism and others. The SIFC is a hybrid civil-military body formed to fast-track investment-related decisions. 
“China Asia Economic Development Association (CAEDA) will make an investment of 13 billion dollars in free trade zone of Pakistan in the next five years,” Radio Pakistan said. 
“The initial layout of this investment is between 8 to 13 billion dollars while it is expected to reach 30 billion dollars,” it added.     
The free trade zone is aimed at catering to Pakistan’s domestic needs and those of the global market, Radio Pakistan said. It added that a duty-free shopping mall is also part of the zone where international goods will be available for Pakistani citizens. 
The state broadcaster said CAEDA has also sent 20 fishing boats to Pakistan with an investment of $500 million. 
 

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