The Board of Approvals also endorses criteria for government-funded utilities in privately established zones and a long-term land lease policy for public-sector industrial estates in Punjab.
ISLAMABAD: The Board of Approvals (BOA) has approved Karachi Industrial Park (KIP) as a Federal Special Economic Zone (SEZ), aiming to attract export-oriented investment, promote technology transfer and generate employment.
The decision was taken during the board’s 11th meeting, chaired by Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb, which focused on facilitating industrial investment, improving infrastructure and ensuring effective utilisation of industrial land.
The board confirmed the minutes of its 10th meeting and approved three substantive proposals.
Under the first decision, Karachi Industrial Park was approved as a federal SEZ to encourage export-oriented industrial activity, increase value addition and create jobs.
The board also approved general eligibility criteria for providing utilities and allied services up to the designated zero point of privately established SEZs through government funding under the SEZ Act, 2012. The framework allows applications for road access, utilities and other essential infrastructure to be assessed on a case-by-case basis.
In another decision, the BOA approved a land lease policy for public-sector SEZs and industrial estates in Punjab. The policy seeks to reduce upfront land costs through long-term leasing, encourage investment in key and emerging industries with export potential, and improve the utilisation of public industrial land.
The decisions form part of the government’s efforts to strengthen Pakistan’s industrial base, improve the investment climate and encourage greater private-sector participation in manufacturing and export-oriented production.
The meeting was attended by Federal Minister for Board of Investment Qaiser Ahmed Sheikh, Planning Minister Ahsan Iqbal, Commerce Minister Jam Kamal Khan, Adviser to the Prime Minister on Industries and Production Haroon Akhtar Khan, and Punjab Industries, Commerce and Investment Minister Shafay Hussain.
Senior officials from the Finance Division, Board of Investment, Special Investment Facilitation Council (SIFC), federal and provincial SEZ authorities, relevant ministries and provincial departments also participated.