- Provinces asked to chalk out best competitive models for industrial development in SEZs
ISLAMABAD: As the provinces are not fully cooperating with the Centre in setting up the planned special economic zones (SEZs), the Board of Investment (BOI) has expressed concerns over the delay in the progress of seven priority zones.
During the 5th meeting of Approvals Committee on SEZs, BOI Chairman Haroon Sharif stressed the urgent need of provision of utilities to address major obstacles hindering the progress of these SEZs.
The BOI chairman underscored that the prices of land for industrialization was also a major issue, as most of the zones were becoming real estate projects.
“This approach is being discouraged, and policy revision will be made to introduce best models,” he asserted.
Sharif asked the provinces to chalk out the best competitive models for industrial development concerning the SEZs. He vowed that the board would fully cooperate and ensure efficient policy formulations at high level.
The BOI chairman said that the government was focusing on three core aspects; improved governance, provision of sufficient basic utilities and rationalization of land prices to ensure establishment of an efficient industrial base in Pakistan.
He said that the government has carried out a detail analysis and was focusing to revive the seven existing SEZs.
Earlier, BOI’s China Pakistan Economic Corridor Director General Syed Hamid Ali briefed the committee on the observations of the BOI with regard to the seven applications for SEZs.
The committee directed the developers of the seven applications, including Rahim Yar Khan Industrial Estate, Bhalwal Industrial Estate, Vehari Industrial Estate, Rachna Industrial Park, Oil Village SEZ, Roshan Sun Tao Paper Mills Pvt Ltd, and Zaamin Industrial Park, to address the observations raised by the board.
A representative of the Khyber Pakhtunkhwa government on the occasion informed that the provincial cabinet has approved a concession agreement for Rashakai SEZ and the same would be submitted on April 16 to the federal BOI after endorsement from the Public-Private Partnership Board of KP.
BOI Executive Director General Fareena Mazhar, representatives from Punjab Industrial Estates Development and Management Company (PIEDMC), National Industrial Parks Development and Management Company (NIP), provincial boards of investment and trade, and SEZ developers also attended the meeting.