Islamabad: The Advisor to the Prime Minister on Commerce and Investment Abdul Razak Dawood speaking to the media on Wednesday said the government is focused on enhancing the role of special economic zones in the economy to boost both foreign direct investment (FDI) and the transfer of technology to the country – a news source reported.
He added that the SEZs comprise mainly of industries that will boost exports, help replace Pakistan’s imports and generate employment – all of which are the targets of the incumbent government. He said that these zones will be critical for resolving Pakistan’s balance of payment issues.
Explaining the criteria for designation as SEZ, he said that only such zones are assigned the status which boost exports and replace imports.
He further said that Board of Investment (BOI) is drafting amendments in SEZ Act 2012 to bring the law in line with the government’s targets and produce a favourable environment for their development. These changes, according to Dawood, will be aimed increasing the pace of development and addressing the lack of utilities in SEZs. Additionally, it will also aim to simplify approval processes, cumbersome procedures and provide clarity on policy objectives.
