BOI to reduce the time-frame for approval of SEZ applications to 45 Days: ECC

ISLAMABAD, Feb 4: The Economic Coordination Committee (ECC) of the Cabinet on Monday decided to include Special Economic Zones (SEZs) of Islamabad and Bostan in the list of priority SEZs under China Pakistan Economic Corridor (CPEC).

The ECC meeting was chaired by Finance Minister Asad Umar. 

During the meeting Chairman Board of Investment (BoI) gave a detailed presentation to the ECC on development of SEZs in the country and related issues.

The ECC decided that BOI will reduce the time-frame for approval of SEZ applications from 90 days to 45 days.

Further, it would propose certain changes in SEZ Act to make it more investor-friendly.

The ECC also asked BoI to revisit the requirements for setting up of tourism, IT and health related entities within SEZs.

Meanwhile, the ECC directed Petroleum and Power Divisions to devise a road-map, within 30 days, for provision of electricity and gas to all industrial estates.

The ECC, in consideration of a proposal submitted by the Ministry of Industries and Production, (MOIP) accorded approval for provision of funds to the tune of Rs. 833 million to Pakistan Machine Tool Factory (PMTF) for payment of employees’ salaries and retirement benefits.

(APP)