Karachi Industrial Park gets federal SEZ status

ISLAMABAD:

The Board of Approvals (BOA) for Special Economic Zones has approved the Karachi Industrial Park (KIP) as a federal special economic zone, a designation aimed at attracting export-oriented industrial investment, promoting technology transfer and value addition, and generating employment, at its 11th meeting chaired by Federal Minister for Finance Muhammad Aurangzeb.

The board also approved general eligibility criteria for providing utilities and allied services up to the designated zero point of privately established zones through government funding under the Special Economic Zones Act, 2012. The criteria set a framework for considering road access, utilities and other essential facilities at government expense on a case-by-case basis.

The board further approved the Land Lease Policy for public sector special economic zones and industrial estates in Punjab, which seeks to promote industrial investment through long-term leasing, reduce upfront land costs and ensure optimal use of public-sector industrial land.