SECP, COPHC sign MoU for investment in Gwadar

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) Friday signed a memorandum of understanding (MoU) with China Overseas Ports Holding Company Pakistan (Private) Limited (COPHC) to set up a facilitation centre in Gwadar free zone, which would assist investors to do business in Pakistan. 

The MoU aims to facilitate coordination and cooperation between the two entities through the establishment of a centre by the commission that would be a bridge between the Securities and Exchange Commission of Pakistan’s registration offices and the potential investors on matters relating to the registration of companies and post-incorporation activities in Pakistan.

SECP Additional Registrar Sidney Pereira and COPHC Chairman Zhong Bao Zhong signed the MOU. Mir Bizenjo, Gwadar Port Authority Chairman Dostain Khan Jamaldini, Acting Consul General of China in Karachi Mu Yongpeng, and Secretary, Ports and Shipping Khalid Pervez witnessed the signing ceremony.

The SECP has instituted numerous radical reforms, encouraging corporatisation, ie, substantial reduction in registration fee, providing complimentary certified copies, offering incorporation of a company within one day, reducing the fast track registration time from four hours to two hours only, accepting payment of fee through online transfer of funds and credit card, and issuing digital signature from NIFT electronically.  

The guests highlighted that COPHC was a concession holder at Gwadar Port, engaged in the construction, development and operations of Gwadar port and Gwadar free zone. The government has transferred 637 acres of land for free zone which would be developed in phases.

 It would start with state-of-the-art commercial centre, complete infrastructure such as roads, drainage, water treatment and supply, electricity, gas and telecommunication network, warehousing facilities, built-in offices, built-in light industrial units, and plots that would be offered to prospective investors. 

This move comes in the backdrop of the recent announcement by the government of incentivised package under the Finance Act 2016 for industrialists and entrepreneurs who were vying to venture in the Gwadar free zone. The development of this zone was envisaged to attract local and foreign direct investment.