LAHORE: The establishment of Special Economic Zones (SEZs) in Pakistan will strengthen the industrial base, besides protecting the national economy from global financial recessions and enable the government to utilize its resources at the targeted industrial areas.
Pakistan is in dire need of maximum Special Economic Zones to get rid of the economic challenges being faced by the country since decades. These views were shared by speakers here at a seminar on “Special Economic Zones in Pakistan” here at the Lahore Chamber of Commerce and Industry (LCCI) on Monday.
The seminar was jointly organized by the LCCI and Board of Investment. The LCCI President Ijaz A. Mumtaz, Senior Vice President Mian Nauman Kabir, Secretary Board of Investment Syed Iftikhar Hussain Babar, Chairman Punjab Board of Investment and Trade (PBIT), Abdul Basit, Additional Secretary BOI, Raania Ahsan spoke on the occasion and shared their experiences with the participants of the seminar.
The LCCI President Ijaz A. Mumtaz said that SEZs were the urgent need of the hour. He said that Pakistan was losing the process of industrialization on consistent basis, adding that “We have to take certain steps to divert investments to industrial sector. There is a dire need to have a specific industrial policy to encourage the private sector representatives to start vigorous industrialization. It will surely help to a great deal in generating employment opportunities.”
He said that there is no doubt that with the establishment of SEZs all across the major industrial areas in the country, the present pace of economic development can be enhanced to achieve the desired results.
He said that the direct benefits or incentives promised under SEZ Act are good enough to motivate the investors to show interests. The exemption of customs duties and other taxes for importing capital goods to be installed in these SEZs and all kind of taxes on income for ten years seem attractive and inspiring but government should simultaneously take other important steps.
Mumtaz said that the organizations like BOI and PBIT should improve the operating environment for private investments. Let’s promote the diversification of industrial production so that new businesses may be introduced in addition to the conventional businesses.
Secretary Board of Investment Syed Iftikhar Hussain Babar said that in different countries all over the world, SEZs have contributed towards national economies. He said that phenomenal growth has been recorded in China, India, Thailand and Malaysia because of them.
He said that the present regime has adopted the policies of privatization, liberalization and deregulation of economy in Pakistan. Pakistan’s Investment Policy has been formulated to create an investors friendly environment with a focus on further opening up the economy and attract foreign direct investment and provide equal treatment to foreign and local investors.
Chairman PBIT, Abdul Basit said that PBIT was easing the way for foreign and local investors looking to harness opportunities presented by Punjab’s fast-growing domestic economy and robust competitive advantages as an export hub.
Abdul Basit said that PBIT was assisting the investors in obtaining all necessary national and provincial approvals/requirements to facilitate a fast-track market entry and also offering post-investment aftercare.
Chairman PBIT said that investment in Punjab was being promoted through a well planned strategy. He said that all stakeholders are being taken on board to get their important feedback. He said that Punjab government was addressing all the key issues on priority basis to improve investment scenario.
Abdul Basit said that a number of sectors in Punjab including infrastructure development, coal, energy, agriculture, livestock, textiles and pharmaceutical were offering lucrative investment opportunities to the potential investors.
Additional Secretary, Board of Investment Dr. Raania Ahsan presented a detailed presentation.
