Federal government on Wednesday, approved the establishment of three new Special Economic Zones (SEZs) in Islamabad, Punjab and Sindh.
Prime Minister Imran Khan chaired 6th meeting of Board of Approvals for Special Economic Zones and directed three new SEZs to be established in the federal capital, Sindh and Punjab.
The proposed three new SEZs include National Science and Technology Park in Islamabad, Dhabeji SEZ in Sindh and China-Pakistan SEZ in Raiwind, Punjab.
The development of these three new SEZs will take the total number of Special Economic Zones in the country to 20.
The premier has directed officials to ensure the provision of basic utilities and infrastructure in SEZs on priority basis.
Special Economic Zones (SEZs)
A special economic zone (SEZ) is an area in which the business and trade laws are different from the rest of the country. SEZs are located within a country’s national borders, and their aims include increased trade balance, employment, increased investment, job creation and effective administration. To encourage businesses to set up in the zone, financial policies are introduced.
According to the World Bank in 2008, the modern-day special economic zone typically includes a ‘geographically limited area, usually physically secured (fenced-in); single management or administration; eligibility for benefits based upon physical location within the zone; separate customs area (duty-free benefits) and streamlined procedures’.