The Special Investment Facilitation Council (SIFC) has directed the Power Division to take steps to reduce electricity tariffs for Special Economic Zones (SEZs) to a regionally competitive rate of 9 cents per unit. The decision, aimed at attracting investment, was taken at a recent meeting of the SIFC Apex Committee, chaired by the prime minister and attended by the army chief, chief ministers, and senior officials.
The committee also decided to shift SEZs from a Real Estate Model to a Classic SEZ Model to enhance their effectiveness. The Power Division was tasked with prioritizing projects that ensure grid stability and prevent unplanned outages.
Additionally, customized accommodation for foreign investors, known as Foreigner’s Enclave, will be developed within or near SEZs, offering essential facilities while minimizing security risks.
Provincial governments have been directed to explore the establishment of a pool of bulletproof vehicles for rental use by private investors. Security measures for SEZs will also be enhanced through dedicated police and special forces units.
The Board of Investment (BoI) and SEZ authorities must ensure that housing facilities for workers and investors are included in development plans, with funding support from federal and provincial governments.
The master plans for SEZs must be updated by March 31, 2025, while Moqpondass SEZ in Gilgit-Baltistan, spanning 400 acres, will be officially notified, with immediate engagement of Chinese investors for development.
To address legal complexities, amendments to the SEZ Act will be undertaken, including the establishment of SEZ tribunals and an investment ombudsman at the provincial level.
To enhance SEZ productivity, the BoI will take action against non-performing enterprises by either canceling their zone status or granting a one-year grace period for commercial operations with fines.
Future industrial focus will be planned in clusters, including textiles, IT and electronics, pharmaceuticals, construction materials, agro-processing, sports goods, marble, and warehousing.
A federal and provincial One-Stop Shop business facilitation center will be established by the BoI, Ministry of IT, and provincial authorities in collaboration with SEZ management.
SIFC emphasized that the council’s economic transformation plan, Uraan Pakistan (2024-2029), aims to position Pakistan among the G20 nations by 2037 and the G10 by 2047. The forum urged provincial governments to assign senior officials as focal persons to coordinate with SIFC on investment and industrial development.
