Islamabad: The federal government has decided to pass the One Stop Service Act, under which ‘one-stop service’ will be introduced for developing industrial infrastructure in the Special Economic Zones (SEZs), which are being established under China-Pakistan-Economic-Corridor (CPEC), according to news published on January 10.
The news source disclosed that the purpose behind this legislation is to facilitate both foreign and domestic investors willing to set up industrial units in the SEZs by streamlining the lengthy procedures like obtaining clearances, No Objection Certificates (NOCs), permits, and licenses.
Prime Minister (PM) Shehbaz Sharif, in a federal cabinet meeting, approved the draft of the One Stop Service Bill, which was presented to the Cabinet Committee on Legislative Cases for approval. It was mentioned that the bill will also be presented in parliament for formal approval.
Currently, setting up an industrial unit in SEZs is time-consuming and cumbersome as the investors must have around 28 NOCs for building industrial infrastructure. In case the new bill is passed, it will accelerate the time-bound processing of the application.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
