EPZs policies to be reviewed: minister
Delay in bringing export earnings on the basis of speculation in forex market is bad for Pakistan’s balance of payments. PHOTO: FILE
The Federal Minister for Industries and Production Syed Murtaza Mahmud on Tuesday assured the Gujranwala Chamber of Commerce and Industry (GCCI) that the government is reviewing and reorienting the policies of export processing zones (EPZs) in order to enhance exports of the country through value addition.
Akhlaq Ahmed, a representative of the delegation, informed the minister that “116 acres of an EPZ in Gujranwala needs to be de-notified to make it more facilitative and beneficial for small and medium sized enterprises (SMEs) operating in the city”.
The delegation was of the view that the restrictive policies governing EPZs are one of the main hurdles inhibiting growth in exports. They also demanded a change in the Gujranwala business centre. The delegation proposed increasing Gujranwala’s representation in the Engineering Development Board (EDB) by reorganising its structure.
“A reduction in duties on the import of raw material will also help increase exports,” suggested members of the delegation. The industries minister assured the delegation that he would look into their proposals and incorporate them in the review process.