NIP to develop SEZ in federal capital

ISLAMABAD: National Industrial Parks (NIP), a development and a management company, is all set to develop the planned Special Economic Zone (SEZ) in Islamabad, official sources said.

“We require around 50 acre land to develop Special Economic zones (SEZ) in the federal capital for providing equal opportunity and facilities to foreign and local investors," Senior official of Board of Investment (BOI) told APP here on Thursday.

Replying to a question, he said the government was working on a plan for reconstruction and modernization of BOI for introducing the best international practices to provide conducive environment for investment.

According to plan, BOI wanted to hire experts to deal with different sectors including legal, export, investment, Special Economic Zones (SEZs) and marketing and branding experts to enhance the capacity and modernization of the institution, he said.

The official said that experts for Special Economic Zones (SEZs) would be hired for initiating the projects to attract investment and provide conducive business environment.

Replying to another question, he said that Investment Facilities Center (IFCs) would also be established in Karachi, Lahore, Islamabad and Peshawar to provide modern facilities to investors.

SEZs investors would get the facility for plant and machinery import without customs duty in all four provinces of the country.

He said that all steps would be taken for the industrial growth in the country.

He suggested that Pakistani investors should go for joint ventures with foreign investors to learn the international best practices of managerial skills and technology.

He said that Special Economic Zones would lead to create employment opportunities and development in the area.

The government has identified 46 economic zones through out the country in different regions. Seven of the economic zones ahve been approved.

He said, “We are committed to facilitate the foreign investors in Special Economic Zones (SEZs).”