KARACHI: The Government of Sindh under the leadership of Chief Minister Sindh Syed Qaim Ali Shah has been able to get the SEZ status for two more industrial zones in the province.
The zones namely Korangi Creek Industrial Park and Bin Qasim Industrial Park during second meeting of approval committee of Board of Investment under SEZ Act 2012.
The meeting chaired by Chairman Board of Investment and Special Assistant to the Prime Minister, Dr Mifta Ismail unanimously approved both the applications which were submitted by the Government of Sindh on July 2, said a statement on Wednesday.
It is also mentioned here that being the Chairman of Special Economic Zone Authority, Sindh Syed Qaim Ali Shah, who is also Chief Minister Sindh had earlier approved the above two Industrial Zones to be recommended to Board of approvals, Islamabad for the award of SEZ Status which will guarantee the benefits that are offered under the SEZ ACT 2012.
The main fiscal benefits under the act of 2012 ensure a corporate tax holiday of ten years for investors and developers as well as duty free import of capital goods and machinery.
The Korangi Creek Industrial Park is being developed on 240 acres of land that is located in sector 38 of Korangi Industrial Area, Karachi.
The estimated project cost is Rs3.8 billion. The project is visualized to bring Rs20 billion direct investment and contribute Rs40 billion to GDP and generate direct employment for 30,000 individuals.
The park is divided into two zones: a low density zone for industries and a high density zone for commercial sectors.
The low density zone will include industrial units of food and pharmaceuticals, garments and textiles, light engineering, packaging and printing, warehousing and logistics.
The high density zone will exclusively promote information technology, gems and jewellery and other ancillary and allied sectors.
The Bin Qasim Industrial Park (BQIP) is spread over an area of 930 acres near Port Qasim, adjacent to Arabian Sea Country Club, Bin Qasim Town, Karachi.
The estimated cost is Rs9.8 billion. The project is envisioned to fetch Rs50 billion direct investment, contribute Rs100 billion to GDP and generate direct employment for 50,000 individuals.
The project has been designed to cater to the needs of medium and large-scale entrepreneurs aspiring to invest especially in the engineering sector and the steel industry of Pakistan.
The proposed industrial clusters under the zone include engineering and equipment, chemicals and food, logistics and consumer goods.
The engineering and equipment cluster includes auto vendors, foundries and steel fabricating units; the chemicals and food cluster consists of pharmaceuticals, food and beverages and chemicals, while consumer goods include plastics, electrics and consumer electronics.
It is worth mentioned here that Sindh is the only province which will have three Industrial Zones with SEZ Status as the Federal government had already awarded the SEZ Status to Khairpur Special Economic Zone (KSEZ) which is the First Industrial Park in the country to have been awarded the SEZ Status under the Act of 2012.
It is hoped that with this status to more SEZs, the economic activity in the province will get a booster for more job creation, support poverty alleviation and uplift the socio economic conditions for people.
The meeting was also attended by Director General, SBI, Muhammad Riazuddin DG, Board of Investment, Dr. Raania Ahsan, Director Projects, SBI Abdul Azeem Uqaili and other stakeholders from all provinces.