Rashakai SEZ to modernize industrial infrastructure in Pakistan
PESHAWAR: The Board of Investment (BOI) said that the Rashakai Special Economic Zone (SEZ) has not only changed the industrial paradigm but also modernize industrial infrastructure in Pakistan as well as carries the Foreign Direct Investment (FDI) in the country. Rashakai had a huge strategic significance closer to energy enriching central Asian countries, a senior official of the Board of Investment (BOI) told APP. He said that Pakistan and China had recently signed a development agreement for the Rashakai, SEZ under China Pakistan Economic Corridor (CPEC) to promote the ease of doing business (EODB) in the country. “Through this milestone, the government intends to provide a conducive business environment to investors so that FDI can be brought to the country,” he said. He said that besides Rashakai SEZ in Nowshera, the government had also approved Dhabeji (Thatta), Allama Iqbal Industrial City (Faisalabad), and a science and technology park in National University Science and Technology for development. He said that all of these SEZs would have a far-reaching socio-economic impact in the region, as they would attract more investment, spur industrialization, create employment opportunities and ensure export-led growth. He said that the nine Special economic Zones (SEZs), being established along the China Pakistan Economic Corridor (CPEC), offered huge opportunity to the foreign and local investors in terms of low cost business facilities including low cost energy, decade long tax free zones and provision of land on lease. He said that BOI was committed to ensure facilities for starting new business, property registration and resolving insolvency for ease of doing business, especially for small and medium entrepreneurs (SMEs) in major cities. The senior official said the government had been working to improve all the nine indicators of ‘Ease of Doing Business’ including starting business, paying taxes , getting credit, resolving insolvency, getting construction permits, trading across the borders, property registrations, getting electricity and enforcing contracts to be implemented for attracting the foreign investment in the country. In addition to following the World Bank’s report on ease of doing business, the government on its own was making efforts to implement these indicators in small cities and towns to promote the SMEs sector. Replying to the question, he said that the board was fully concentrating to complete all the 9 SEZS timely. - APP