BOI receives 9 applications to set up private SEZs

ISLAMABAD: The Board of Investment (BOI) has received nine applications so far from private sector to set up private Special Economic Zones (SEZs) in different cities of Punjab.

Applications for setting up private SEZs are being considered for further approval, a senior official of BoI said.

Talking to Associate Press of Pakistan, he said private SEZs would be fully facilitated on the line of government SEZs, including provision of tax exemption and one window operation to further ease down doing business in the country.

He said that BoI was working on 100 days' reform agenda with a deadline of January 20 for executing the 35 reforms to attract maximum foreign investment in the country.

The official said that around 75 percent of work on 100 days' reforms agenda had been completed and all the concerned institutions including Federal Board of Revenue (FBR), Securities and Exchange Commission of Pakistan (SECP) and Employees Old- Age Benefits Institutions(EOBI) are also on-board for adopting the integrated approach for ease of doing business reforms.

He said Prime Minister Imran Khan had concerned about the ease of doing business and he also called a meeting to review the 100 days reforms.

Replying to a question, he said that BOI is committed to facilitate the foreign investors to attract maximum Foreign Direct Investment in the Special Economic Zones (SEZs) to be established under China Pakistan Economic Corridor (CPEC).

The foreign investors in SEZs would get the facility for plant and machinery import without customs duty in all four provinces of the country, the senior official said.

He said that countries including China, Germany and Kingdom of Saudi Arabia were interested to invest in SEZs in different regions of the country.

He informed that Pakistan was among top 10 countries in world for improving in investment laws and providing facilities for doing business to foreign investors.

The official said that through pro-active approach, ”We are mainly focusing to achieve the FDI target of US$ 15 billions by 2025".

The priority of BoI is to revive the confidence of foreign businessmen to ultimately boost foreign investment in the country, he added.

He said the SEZs Cell had been furnished on the contemporary corporate style and would be equipped with state-of-art facilities.