112 BoI reforms for SEZs implemented, PM told

Prime Minister Imran Khan said on Thursday incentivising the rapid industrialisation in the Special Economic Zones (SEZs) through massive investment was among the top government priorities, stressing that the government was focused on attracting maximum direct foreign investment (DFI).

Chairing meetings to review progress on various development initiatives of the government, Imran said that the approval of more than 70,000 housing projects worth Rs1.4 trillion so far would have an overall impact of Rs7.3 trillion on construction industry besides creating 1.2 million jobs.

PM Imran chaired a meeting on the SEZs Facilitation Model and Regulatory Guillotine for Small and Medium Enterprises (SMEs) under the Prime Minister’s Priority Sector Progress Review, said a handout issued by the Prime Minister’s Office.

The prime minister was apprised that 112 out of 167 reforms identified by the Board of Investment (BoI) had been implemented to ensure ease-of-doing business for all potential investors in SEZs. The remaining 55 reforms would also sail through necessary regulatory approvals within a month.

The meeting was informed that all chambers of commerce and industry and the trade associations across the country had thanked the prime minister for his government’s remarkable reforms for the facilitation of investors.

Imran directed all the regulatory authorities, including the State Bank of Pakistan (SBP), the Federal Board of Revenue (FBR) and the Drug Regulatory Authority of Pakistan (DRAP) to streamline their regulatory frameworks to enable investors get their issues resolved under one roof.

He also directed the regulatory authorities to facilitate the growth of SMEs, which contributed around 25% of total exports. He also directed for notifying a five-year export policy for the all major sectors, especially the textile and the SMEs in order to lend certainty to the exporters.

Separately, the prime minister chaired the meeting of the National Coordination Committee (NCC) on Housing, Construction and Development and received a briefing on the figures regarding the total low-cost housing construction activity since 2018.

The prime minister said that applications worth Rs7 billion were being received on a weekly basis. At present, he added, projects worth Rs4 billion were being approved and Rs2 billion disbursed every week, which showed that the system was working efficiently.