The task of establishing a Special Economic Zone (SEZ) at Gwadar earlier given to ministry of ports and shipping has now been assigned to industries ministry. "The project has been transferred to the ministry of industries, production and special initiatives," official sources in the ministry of ports and shipping told Business Recorder on Monday.
The government has planned establishment of a SEZ at Gwadar covering almost 10,000 acres of land with several incentives, including tax relief and reduction in tariffs, to provide conducive environment to investors
"We (the ports & shipping ministry) have proposed transfer of the project to ministry of industries as they are responsible for the development of industrial sector," the sources added.
The Export Processing Zone Authority (EPZA) would undertake all the activities of Special Economic Zone, sources further said, adding, "development of economic zone was the sole responsibility of industries ministry."
The officials were of the view that efforts were underway to make SEZ a hub of trade, as import and export from Gwadar Port to other regional countries will take comparatively short time.
There would be no limit on foreign investment in the zone where goods for import/export could be kept for an unlimited period on nominal charges, they added.
It has been learnt that there are around 130 free zones in different countries of the world, which had attracted handsome foreign investment by offering maximum incentives.