3 Special Economic Zones operational, 6 more by June 2019

The Board of Investment (BOI), on Thursday August 9, 2018, said that three Special Economic Zones (SEZ) are now operational and have begun production, while the remaining six zones are expected to begin operations by June 2019.

According to a senior official of the Board of Investment, the Special Economic Zones in Faisalabad, Haripur (Hattar) and Karachi have sold their lands and have been operational for production since the last three months.

He further informed that National Industrial Parks (NIP), which is a development and management company, would develop the planned Special Economic Zone (SEZ) in Islamabad.

“We require around 50-acre land to develop Special Economic Zones (SEZ) in the federal capital for providing equal opportunity and facilities to foreign and local investors,” he said.

SEZs are expected to create employment opportunities in future and promote development in the area. The government has identified 46 economic Special and Prioritized zones across the country in different regions, including seven approved Prioritized zones, he added.

The senior official of BOI further commented on the goals they’re trying to achieve, and said, “We are committed to facilitating the foreign investors in SEZs.” While reaffirming their commitment to foreign investors, he said that the SEZs investors would get the facility for plant and machinery import without customs duty throughout the country.

According to him, three SEZ are intended to be established in Punjab and three in Sindh in addition to the establishment of one SEZ in Khyber Pakhtunkhwa.

In answer to a question, he added that nine more Prioritized Special Economic Zones (PSEZs) would also be established in Punjab, Sindh, Khyber Pakhtunkhwa, Balochistan, Northern Areas and Federally Administered Tribal Areas.

(APP)