ISLAMABAD: The fruits of the investment policy have started surfacing as the Japan External Trading Organisation (JETRO) has declared Pakistan as the second best investment country in the world.
JETRO is a Japanese government-related organisation that promotes trade and investment. JETRO Karachi was established in November, 1954 to engage in research of cotton yarn and procurement of raw cotton for Japan from Pakistan.
Textile was Japan’s core industry at that time, which brought foreign currency revenue, and it was necessary to secure cotton yarn as raw material.
It may be said that Japan’s economic recovery was thanks to Pakistan’s cotton yarn. Subsequently, Japan achieved high economic growth. And as it became one of the leading economies in 1980s, Japan expanded its support to developing countries.
“Focus of the Investment Policy is to provide investor friendly climate in Pakistan Incentives available are not only to Japanese Investors but also for all foreign investors across the board. There is also no discrimination between foreign and local investors” a well placed source at Finance Ministry told this scribe here on Wednesday.
BOI is revisiting and reviewing the SEZ Law to make more business friendly for domestic and foreign including Japanese investors. The proposed amendments have been shared with stakeholder of Federal & Provincial Governments.
The most business friendly law will promote and encourage investors to establish Special Economic Zones. The law also allows establishment of country specific SEZs for the purpose likewise Pakistan-Japan, Pakistan-Turkey, Pakistan- Malaysia and Pakistan-Korea SEZs are under consideration.
For Japanese investors, Government of Sindh had already earmarked 2,000 acres of land for Special Economic Zone on National Highway at Village Dhabeji of Thatta District, Sindh.
Twenty-six (26) sites for establishment of SEZs in the Punjab, Sindh, KPK, Balochistan and Gilgit-Baltistan have been identified for potential investor along the China-Pak Corridor.
Out of six areas of Sindh, following three SEZs have been approved by the Board of Approvals on the recommendations of Special Economic Zone Authority (SEZA) Sindh:
Khairpur SEZ, 140 acres (Ago based Industry and data processing) Bin Qasim SEZ, 930 acres (Light engineering, auto vendors, steel fabricating units, chemical & food, pharmaceuticals, electrical & consumer goods and furniture & wood working). Korangi Creek SEZ, 240 acres (Consumer goods, food & pharmaceuticals, garments, value added textile, light engineering, packaging & printing, warehouses/ logistics).
However, all Provincial Governments are working to earmark land for SEZ.
In private sector, Army Welfare Trust and G.A.T.E (German Association of Trade& Economy), HBL and Industrial & Commercial Bank of China-are also in process to establish such zones.
