CPEC: High-level meeting decides to optimize functionality, efficiency of SEZs

Islamabad: A high-level meeting decided to optimize the functionality and efficiency of the China-Pakistan Economic Corridor (CPEC)’s Special Economic Zones (SEZs) to boost industrial development and economic growth.

The high-powered Approval Committee of SEZs meeting was chaired by the Federal Minister for Privatisation, Communication, and Board of Investment, Abdul Aleem Khan, alongside the Secretary of the Board of Investment.

The meeting addressed eight key agenda items aimed at optimizing the functionality and efficiency of SEZs to boost industrial development and economic growth, according to an official statement.

A comprehensive survey of 35 SEZs resulted in 18-point recommendations for improving their operational framework. The Federal Minister, Abdul Aleem Khan, pointed out that this survey is commendable because it provides all the data and facts that can now be used for the efficient working of Board of Investment (BOI).

He further emphasized that the survey will enable better analysis and decision-making, ensuring improved operational efficiency. Amendments to Rule 2(c) of SEZ Rules 2013, reducing the statutory notice period of the Approval Committee from 21 to 7 days, were discussed to streamline decision-making processes.

It was proposed that Amendment 2e of Annexure 1 of SEZ Rules 2013 should be completely removed to simplify the rules further. The Approval Committee of BOI also approved “Land Lease Policy” for the Special Economic Zones. The committee also reviewed 14 development agreements submitted to the BOI, requiring board comments before final approval.

Federal Minister Abdul Aleem Khan highlighted the importance of encouraging local investors and creating an environment of ease of doing business to stimulate economic growth. He reiterated that the government is here to facilitate, not hinder, the process of investment and business development. He emphasized the role of the Approval Committee in facilitating investors and directed that meetings of the committee should be held more frequently—at least once a month—to expedite decisions and provide better support to investors.

The Federal Minister also stressed the importance of appreciating the willingness and eagerness of foreign investors to invest in Pakistan. He noted that foreign investments would not only benefit the investors but also contribute to the well-being and prosperity of the people of Pakistan.

Abdul Aleem Khan reaffirmed the government’s commitment to following the Prime Minister’s vision of stabilizing and developing business in Pakistan.

He said that the efforts of the Board of Investment are fully aligned with the Prime Minister’s directives, ensuring progress and stability in the country’s economic landscape.

The meeting concluded with directives to implement the 18-point SEZ recommendations promptly, ensuring these zones contribute effectively to Pakistan’s economic development.