February 10, 2022: Incentivizing rapid industrialisation through massive investment in Special Economic Zones (SEZs) is Government’s top priority”, said Prime Minister Imran Khan while chairing a meeting on SEZs Facilitation Model and Regulatory Guillotine for Small and Medium Enterprises (SMEs) under PM’s Priority Sector Progress Review.
“Government is focused on attracting maximum foreign direct investment (DFI) in the country“, he added.
Earlier the Prime Minister was apprised that 112 out of 167 reforms identified by the Board of Investment (BOI) have been implemented to ensure ease of doing business for all potential investors in Special Economic Zones (SEZs). The remaining 55 reforms will also clear necessary regulatory approvals within a month.
The Prime Minister was informed that all Chambers of Commerce & Industries and Trade Associations across Pakistan have thanked the Prime Minister for his Government’s remarkable reforms for the facilitation of investors. They especially mentioned the ease in the company registration process by the Security & Exchange Commission of Pakistan (SECP) and the proposed Asaan Karobaar Portal initiative of the Board of Investment (BOI) in this regard. It is because of these historic steps that Pakistan has recently witnessed a 37% improvement in the Business Confidence Index.
The Prime Minister directed all the regulatory authorities including the State Bank of Pakistan (SBP), Federal Board of Revenue (FBR) and Drug Regulatory Authority of Pakistan (DRAP) to streamline their respective regulatory frameworks to enable the investors to get their issues resolved under one roof in the shortest possible time because time is the most critical factor in making investment decisions.
The Prime Minister also directed them to facilitate the growth of the Small & Medium Enterprises (SME) sector in the country which contributes around 25% to the country’s total exports. He directed the relevant authorities to immediately resolve all pending issues of the SME sector related to export refinancing facility, payment of Duty Drawback on Local Taxes and Levies (DLTL), and financing from banks to address their liquidity crunch. Moreover, he directed them to notify 5-Year export policies for all major sectors, especially the textile and SME in order to lend certainty to the exporters.
The Prime Minister was briefed that the board of Small and Medium Enterprises Development Authority (SMEDA) is being revamped along with the creation of Rs. 30 Billion SMEDA Fund for the promotion of this important sector of the economy.
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