PM Shehbaz unveils plans for second phase of CPEC, focus on ML-I Project and SEZs

Prime Minister Shehbaz Sharif announced at the Tax Excellence Awards ceremony that Pakistan and China are soon to sign an agreement for the second phase of the China-Pakistan Economic Corridor (CPEC), focusing on initiating the ML-I rail project and establishing economic zones nationwide. He highlighted the necessity of another IMF program for economic stability, while affirming efforts to increase growth, exports, and expand the tax net. Shehbaz emphasized on streamlining investment processes through the Special Investment Facilitation Council and tackling losses of state-owned enterprises. He recognized top taxpayers and pledged incentives, stressing the importance of public-private collaboration to address economic challenges. Shehbaz advocated for transitioning away from costly power units, restructuring the Federal Board of Revenue, and enhancing tax collection efficiency to support economic growth, IT, and agriculture sectors.