Sale of plots allowed in three SEZs: SEZ status for Allama Iqbal Industrial City notified

ISLAMABAD: The Prime Minister's Office, Board of Investment (BoI), being the secretariat for the apex SEZs approving body (Board of Approval) notified SEZ status for Allama Iqbal Industrial City (AIIC), and allowed sale of plots in three different SEZs including the AIIC, Hub, and Bostan. The notification in this regard for the AIIC was issued today by the Secretary BOI, Fareena Mazhar, being secretary of the Board of Approval for the SEZs.

The government further chartered three SEZs committees of the AIIC, Bostan and Hub SEZs, allowing thereby the sale of plots in the respective SEZs.

The SEZ committees shall have responsibilities to administer and enforce SEZ benefits and rules as well as provide facilitation between the SEZ, its enterprises and the government.

Minister of State/Chairman Board of Investment (BoI), Atif R Bukhari, in a statement here expressed satisfaction over the progress on the SEZs' development.

He said that it was high time for all of us to tap the opportunities being provided by the Belt and Road Initiative in the shape of Industrial Cooperation (IC) under the China-Pakistan Economic Corridor (CPEC).

He pointed out that the private sector should come forward and take the leading role in this second phase of the CPEC. He appreciated Project Management Unit BoI on the CPEC-IC for its role in ensuring teamwork of the federal and provincial governments, which helped in removing hurdles that were hindering the progress on the SEZs.

Secretary Fareena Mazhar has termed the day as a special day in the journey of SEZ's development.

She stated that establishment of the new SEZs would help to achieve the goals of industrialisation such as capitalizing investment inflow, inclusive economic development, creation of jobs and export generation.

She informed that serious efforts for provision of gas and electricity were underway to ensure provision of those basic utilities alongside development of the new SEZs.

The AIIC Faisalabad is being developed by Faisalabad Industrial Estate Development and Management Company (FIEDMC) with total area of 2,800 acres by targeting to establish industries in textile; engineering; electrical and electronics; chemical paints; agriculture and food processing; steel and packaging sectors.

It is expected that the zone will help to create 249,477 direct and indirect jobs for local population besides attracting domestic and foreign investment up to the tune of Rs357 billion.

Copyright Business Recorder, 2020