The Special Investment Facilitation Council (SIFC) has recommended the establishment of a single authority to oversee various economic, technological, and industrial zones across the country.
The proposal, aimed at enhancing both foreign and domestic investment while fostering industrial development, was discussed during the second and final meeting of SIFC’s working group on special economic zones (SEZs) in Islamabad.
Chaired by the caretaker Minister for Privatisation Fawad Hasan Fawad, the working group emphasized the need for a streamlined approach to existing frameworks.
Currently, different types of special zones with varying incentive structures exist, confusing and impeding the industrialization process. The recommendation is to create a singular, fully empowered authority with the support of all stakeholders, providing a one-window operation to address investor needs.
A working paper outlining the group’s recommendations will be presented to the SIFC executive committee in an upcoming session. Representatives from federal and provincial levels attended the meeting, stressing that optimal investment facilitation can only be achieved through a unified authority.
Furthermore, participants highlighted that legal and constitutional provisions already exist to facilitate cooperation and coordination between the federal government and federating units.
The group was encouraged to explore potential investment opportunities in Pakistan, with representatives expressing appreciation for the initiatives undertaken and conveying optimism for a favorable investment environment in the country.