Islamabad: The federal government is making revisions to the laws impeding the regulation of Special Economic Zones (SEZ); which are being developed under the China-Pakistan Economic Corridor (CPEC) project, a news source quoted Board of Investment Chairman Zubair Gilani (BOI) as saying.
He expressed his views on the matter during a meeting of the Senate Special Committee on CPEC. He informed the body that at the time of the conception of CPEC, SEZs were not included in the legislation; adding that the existing laws do not cater effectively to the ground realities.
To facilitate this measure, the SEZ Act is being revised to provide the SEZs with legislative backing in order to increase their benefits and incentives. He added that these amendments would help decrease the current account deficit by encouraging exports. The laws would prove beneficial for both the countries.
Gilani said that the government had been in talks with Beijing for a while now; discussing the types of concessions and benefits they would require. Islamabad is willing to provide concessions in return for China’s guarantee to provide long-term economic benefits to Pakistan, he added.
He told the body that the SEZs in Rashakai (Khyber Pakhtunkhwa), Dhabeji (Thatta) and Allama Iqbal Industrial City (Faisalabad) had experienced unprecedented growth over the past few months.
