‘SEZs key to industrial upgrade’

LAHORE: Special Economic Zones (SEZs) are believed to be critical for a particular sector and they have played a key role for industrial development in many Asian economies, especially China, SEZs chairman S M Naveed said on Tuesday.

He said that during his visit to Pakistan China Joint Chamber of Commerce and Industry (PCJCCI).

Naveed suggested focusing on cluster-based industrialisation, saying it had been a key factor in industrial progress of China.

China initiated to make segments and clusters to setup industries 40 years ago, and introduced new production norms such as mass production and cost effectiveness by using reverse engineering.

SEZs are expanded over four provinces and special areas under the China-Pakistan Economic Corridor (CPEC) to boost industrial production, Naveed added.

He mentioned that his entire focus was to provide maximum support to all the projects. Pakistan agreed to provide gas, water, electricity and other facilities to factories in industrial parks, and the country was also providing Chinese enterprises with suitable policy packages to attract potential investors, Naveed stated.

PCJCCI president Moazzam Ghurki extended warm wishes to the new chairman of SEZs, saying Pakistan needed to create supporting business climate for foreign and domestic firms to invest at the specified zone.

Senior vice president of PCJCCI Fang Yulong stressed the need to take notice of the resources and provide maximum support to the zone developers to succeed and achieve our targeted goal. Pakistan could look at China’s experience which has drawn the arbitration rules from the West and currently experimenting them at the Shanghai Free Trade Zone, Yulong said.

Spain to cut gas demand by 13.5pc

Madrid: Spain´s cabinet approved Tuesday a new energy-saving plan which aims to cut the country´s natural gas consumption by up to 13.5 percent by March as part of Europe´s efforts to reduce its dependence on Russian supplies.

The plan includes new tax breaks on renewable energy and financial incentives to encourage more households to use solar panels and install smart meters, the energy ministry said in a statement. Unlike old-style meters with spinning dials, smart meters give real-time consumption data that can encourage consumers to reduce usage. They also eliminate costly meter reading visits.

More financing will also be available for small- and medium-sized businesses to help them to adopt energy efficiency measures and renewable energy.

The plan also calls on Spain to increase its capacity to export gas to other European Union member states.

It includes measures to increase by 18 percent Spain´s ability to send gas by pipeline to France across the Pyrenees mountain range, and an expansion in loading capacity for boats carrying gas to other EU countries, among them Italy. The EU has asked member states to cut gas use from August to March by up to 15 percent, although for some countries less exposed to Russian energy dependence the figure is lower, as in the case of Spain, which agreed to cut use by 7.0 percent.