Seven new SEZs planned in Punjab
Cumulative investment of around Rs27b will be made in these parks
Cumulative investment of around Rs27b will be made in these parks. PHOTO: FILE
LAHORE:
The Special Economic Zone Authority (SEZA) has recommended the establishment of seven new Special Economic Zones (SEZs) in Punjab.
Cumulatively, the investment in these new projects is estimated at around Rs27 billion ($194 million) which are set to attract manufacturing concerns, leading to import substitution and creation of around 400,000 direct and indirect jobs.
Punjab Minister for Industries, Commerce and Investment Mian Aslam Iqbal, while chairing the SEZA board meeting at the Punjab Board of Investment and Trade (PBIT), emphasised that government’s role was critical in order to encourage and expand industrialisation.
The objective of the meeting was to review and sent applications for the seven new SEZs to the approval committee. The PBIT has played a key role in drafting and evaluating proposals of these industrial parks for declaring them as the SEZs. The list of priority SEZs includes Rahim Yar Khan Industrial Estate, Bhalwal Industrial Estate, Vehari Industrial Estate of the PIEDMIC, Rachna Industrial Park of the National Industrial Parks and other such industrial zones.
SEZs a remedy for balance of payments woes
Speaking at the meeting, the minister of industries said the establishment of the seven new SEZs would definitely lead to trade enhancement, job creation and effective administration of industries.
SEZA will provide a one-window facility and respective provincial governments will delegate authority for implementing labour, environmental and other laws and for the collection of local and provincial taxes.
The provincial governments will also depute representatives of their respective departments in the SEZA office.
Work on Mirpur SEZ starts
Benefits under the SEZ law will be granted to all the industrialists investing in SEZ development which include one-off exemption from customs duties and taxes for all capital goods imported into Pakistan.
Other benefits include exemption from all kinds of income taxes for 10 years, immediate access to high-quality infrastructure, uninterrupted power supply, public utilities and support services to all industrialists in the SEZs.
The PBIT/SEZA Punjab is endeavouring to promote incentives offered by the SEZ law by providing guidance to prospective investors, receive and review applications.
Published in The Express Tribune, December 9th, 2018.
The Special Economic Zone Authority (SEZA) has recommended the establishment of seven new Special Economic Zones (SEZs) in Punjab.
Cumulatively, the investment in these new projects is estimated at around Rs27 billion ($194 million) which are set to attract manufacturing concerns, leading to import substitution and creation of around 400,000 direct and indirect jobs.
Punjab Minister for Industries, Commerce and Investment Mian Aslam Iqbal, while chairing the SEZA board meeting at the Punjab Board of Investment and Trade (PBIT), emphasised that government’s role was critical in order to encourage and expand industrialisation.
The objective of the meeting was to review and sent applications for the seven new SEZs to the approval committee. The PBIT has played a key role in drafting and evaluating proposals of these industrial parks for declaring them as the SEZs. The list of priority SEZs includes Rahim Yar Khan Industrial Estate, Bhalwal Industrial Estate, Vehari Industrial Estate of the PIEDMIC, Rachna Industrial Park of the National Industrial Parks and other such industrial zones.
SEZs a remedy for balance of payments woes
Speaking at the meeting, the minister of industries said the establishment of the seven new SEZs would definitely lead to trade enhancement, job creation and effective administration of industries.
SEZA will provide a one-window facility and respective provincial governments will delegate authority for implementing labour, environmental and other laws and for the collection of local and provincial taxes.
The provincial governments will also depute representatives of their respective departments in the SEZA office.
Work on Mirpur SEZ starts
Benefits under the SEZ law will be granted to all the industrialists investing in SEZ development which include one-off exemption from customs duties and taxes for all capital goods imported into Pakistan.
Other benefits include exemption from all kinds of income taxes for 10 years, immediate access to high-quality infrastructure, uninterrupted power supply, public utilities and support services to all industrialists in the SEZs.
The PBIT/SEZA Punjab is endeavouring to promote incentives offered by the SEZ law by providing guidance to prospective investors, receive and review applications.
Published in The Express Tribune, December 9th, 2018.