ISLAMABAD: The meeting of Economic Coordination Committee of the Cabinet (ECC) which was presided over by Federal Minister for Finance, Revenue and Economic Affairs Asad Umar.
During the meeting, chairman Board of Investment (BoI) gave a detailed presentation to the ECC on development of SEZs in the country and related issues.
ECC, in consideration of a proposal submitted by the Ministry of Industries and Production, (MOIP) accorded approval for provision of funds to the tune of Rs 833 million to Pakistan Machine Tool Factory (PMTF) for payment of employees’ salaries and retirement benefits.
ECC decided that BOI will reduce the time frame for approval of SEZ applications from 90 days to 45 days. Further, it will propose certain changes in SEZ Act to make it more investor friendly. It was also decided that SEZs of Islamabad and Bostan will be included in the list of priority SEZs under CPEC. ECC also asked BoI to revisit the requirements for setting up of tourism, IT and health related entities within SEZs.
ECC directed Petroleum and Power Divisions to devise a road map, within 30 days, for provision of electricity/gas to all industrial estates.
