Steel mill established in EPZ to commence production soon

Tawarruk Steel Mill established in Export Processing Zone (EPZ) will commence production in next one to two months, Chairman Export Processing Zone Authority (EPZA), Muhammad Tariq Hassan informed business community. Addressing members of Karachi Chamber of Commerce and Industry (KCCI) on Friday, he said that the units have production capacity of around 4.2 million tons.
The chairman further said that 4 to 5 Pakistani investors who invested and established their units in other countries of the world have relocated their units in EPZ in Pakistan. Some other investors are also relocating their units back to Pakistan, he added.
He expressed that efforts should be made to stop flight capital from Pakistan and those who have already shifted their units out of country should be perused to relocate their units in Pakistan in general and EPZs in particular. He said that Pakistan is ideally located for export and business. It has a pivotal position, as it is flanked by energy-rich Central Asian States, Gulf Countries on one side, and South and East Asian States on the other.
The chairman claimed that EPZs in Pakistan are compatible to all the export processing zones in the world in all respect. Muhammad Tariq Hassan said that God has gifted Pakistan every thing. All we need is right policies and encouragement to kick start industrial and export activities. Pakistan export can be increased many times with little efforts, he added.
The chairman said that EPZ provides developed land on competitive rates for 30 years leased, duty-free import of machinery, exchange control regulations of Pakistan not applicable, no sales tax on input goods including electricity, gas bells, duty fee vehicles allowed under prescribed rules, old machinery can be sold in domestic market after payment of applicable duty and taxes, defective goods and waste can be sold in domestic market after payment of duty, domestic market available to the extent of 20 percent exceptions may be available , presumptive tax at the rate of one percent and EPZA service charge is only 0.5 percent and EPZ units allowed to supply goods to customer manufacturing bonds.
Replying to a question, he said plot of 1,000 sq-meter in other industrial zones in the country cost around Rs 50 million whereas in EPZs it costs only 5,000 dollars and annual ground rent of 1.5 dollars per sq-meter likewise trading / warehouse cost 20 dollars per sq-meter and annual ground rent 2.5 per sq-meter.
Muhammad Tariq Hassan said that efforts would be made through ministry to activate Pakistan embassies and commercial councillors abroad to peruse investors to invest in EPZs in Pakistan. President KCCI, Mian Abrar Ahmed said that Pakistan is facing non-tariff barriers to export in terms of restricted market access from USA and West. If market access allowed, Pakistan can export worth $25 billion to USA alone, he maintained.
He highlighted the existing tremendous potential for exports and value-added agricultural sector and engineering sector. President emphasised the need to develop regional trading block of ECO countries, particularly between Pakistan, Iran and Turkey. He said that the biased policies of USA and West never allowed economic independence to Pakistan as allowed to other countries in the region. He articulated to build trading blocks with SAARC countries, Central Asian Republics, particularly between Iran and Pakistan.