Government launches 18-point action plan to revitalise SEZs

ISLAMABAD: The government has initiated a series of crucial measures to enhance operations and attract investment within Special Economic Zones (SEZs) through an 18-point action plan, announced during a meeting of the Board of Investment’s Approval Committee, reported The News International.

The aim of the plan is to resolve pending issues within SEZs and improve facilities to meet international standards. The meeting, chaired by the Federal Minister for Investment and Privatisation, Abdul Aleem Khan along with provincial representatives, approved a new Land Lease Policy and revised the SEZ Act, reducing the notice period for meetings from 21 days to seven. These modifications are designed to expedite decision-making processes and stimulate economic growth.

Moreover, a comprehensive survey of the 35 SEZs has been completed, paving the way for data-driven management and development strategies. Aleem Khan highlighting the significance of this digitised survey report, said it should be utilised by both provincial governments and relevant departments to effectively address challenges.

Khan further noted that the successful completion of the survey and the identification of issues within the 35 industrial zones represent significant progress and a milestone that could positively impact the national economy.

He asserted that the upgrades to SEZs have been accomplished in record time, with vital steps taken to ensure improved quality.

“This digital data is a shared asset that all stakeholders should utilize. Regular and prompt meetings of the Approval Committee are essential for quickly addressing issues. The next meeting is already planned for February,” he remarked.

The minister underscored the government’s aim of simplifying processes to boost investment. “We are eliminating unnecessary complexities to establish a more investor-friendly environment. Promoting diverse industries within these zones is key to enhancing foreign exchange inflows and driving rapid economic progress,” he further added.