Karachi: Federal Minister for Industries and Production Makhdoom Khusro Bakhtyar has said that China-Pakistan Economic Corridor (CPEC)’s Special Economic Zone in Karachi will provide one window operation to domestic and foreign investors.
The Ministry of Industries and Production has already allotted 1500 acres of land for the SEZ, Khusro remarked during his visit to National Industrial Park here.
“Karachi is the country’s largest industrial city where availability of industrial land has been a problem. The Special Economic Zone would provide one window operation to domestic and foreign investors. The Karachi Industrial Park will be established at a cost of (Pakistani) Rs 7 billion which will help boost the country’s industrial production and exports,” he commented.
Apart from Gwadar Free Zone, a total of nine SEZs are planned under CPEC, including the three priority SEZs in Sindh, Punjab and Khyber-Pakhtunkhwa: Dhabeji SEZ, Allama Iqbal Industrial City, and Rashakai Economic Zone. Under the SEZ Act 2012, while the federal government is responsible for according approvals and providing utilities, the provincial governments are responsible for developing the zones. The three provincial governments have adopted different approaches for their respective SEZs. Some SEZs launched by the Pakistani government, which are not directly part of the CPEC, have also been indirectly linked with the CPEC as supporting projects.
The Management of Pakistan Industrial Development Corporation on the occasion briefed the federal minister about the SEZs. Khusro Bakhtyar was told that 278.5 acres of land has been allotted for National Industrial Park. A total of 22 domestic and foreign companies have invested in National Industrial Park.
Federal Minister for Industries and Production Makhdoom Khusro Bakhtyar also visited Pakistan Steel Mill. He announced the government was going to privatise PSM in order to make it more profitable and to meet steel requirements of the county amid growing construction industry. “The government will soon formulate a comprehensive steel policy to revamp steel industry in the country,” he maintained.
Later, Federal Minister met Sindh Governor Imran Ismail. He told the Governor that steps on modern lines were being taken to increase Small and Medium Entrepreneurs (SMEs) in the country.
“They discussed construction and development of industrial zones, issues of Pakistan steel mills and other issues of bilateral interest,” read an official statement.
Bakhtiar mentioned that new SMEs policy will result in increase in business in the country and said that all possible facilities are being provided to the business community linked with industrial sector.