The Pakistan’s Board of Investment (BoI) and International Free Zone Authority (IFZA) on Wednesday signed a Memorandum of Understanding (MoU) for IFZA to establish a Free Zone Authority in Pakistan.
The MoU signing ceremony took place in Pakistan and was attended by high-level delegations from the Government of Pakistan and the International Free Zone Authority.
The MoU was formally signed by Martin Pedersen, Chairman of IFZA, in the presence of the Prime Minister of Pakistan, Shehbaz Sharif, and Deputy Prime Minister, Ishaq Dar, along with Senior Ministers and government officials. The Prime Minister encouraged both parties to finalize and sign definitive agreements within the next two weeks to accelerate the implementation of the Free Zone Authority.
As Pakistan continues to develop and grow its economic infrastructure, the establishment of a Free Zone Authority will positively impact the diversification of economic activity in the country and will act as a key stepping-stone towards achieving the government’s developmental goals in diversifying the Pakistani economy.
Bringing Pakistan’s vision to life, the International Free Zone Authority’s extensive worldwide network can attract established businesses, investors, high-net-worth individuals, and world-class talent to the country to drive Foreign Direct Investment and positively impact the diversification of economic activity.
Through its well-established global network, the International Free Zone Authority will attract international and local businesses from a range of different sectors, including trade, technology, and finance, with a strong focus on positioning Pakistan as a regional hub for digitalisation and AI.
IFZA is one of the largest free zone entities in the world, contributing approximately 4.5% of Dubai’s GDP and generating $6.5 billion in Foreign Direct Investment (FDI) annually for Dubai. With its vast international network, IFZA is well-positioned to drive investment and business growth in Pakistan, bringing global expertise in free zone development and economic expansion.
Speaking at the signing in Pakistan, Martin Pedersen, Chairman of IFZA, said, “I am delighted to be here today for this historic signing of a Free Zone Authority in Pakistan. The International Free Zone Authority will establish a streamlined process for business licensing, company formation, and registration of branch offices of foreign companies in Pakistan, bringing business leaders, entrepreneurs, and Foreign Direct Investment into the country.”
“This will significantly help to stimulate domestic growth and entrepreneurship by supporting business momentum and empowering the next generation of Pakistan’s entrepreneurs and business leaders to thrive and prosper,” he added.
This opportunity will create enormous potential for Pakistan to attract international investors to flourish and prosper through economic diversification, benefiting the government, citizens, and investors.
