Islamabad: The federal government announces that it has allocated 52% of Special Economic Zones (SEZ) land to investors to set up industries, according to media reports.
Read: 33% land in Allama Iqbal SEZ, Faisalabad sold: Bajwa
Out of the total 10,029.64 acres allotted for 21 SEZs, 5,220.62 acres will be used by investors to set up industry worth PKR 633.9 billion while PKR 1.73 billion will be used for Foreign Direct Investment (FDI) components.
Previously, due to a lack of resources, seven SEZs were unable to complete the development. To keep the work ongoing, PKR 19.9 billion was set aside from the Public Sector Development Programme (PSDP) for supplying gas and power to the SEZs. In Fiscal Year (FY)2021, PKR 4 billion were allocated, out of which PKR 3.4 billion is reserved for China Pakistan Economic Corridor (CPEC) SEZs.
Currently, 22 SEZs have been approved while 21 have been notified by the Board of Investment (BOI), which include the establishment of Science and Technology Park by the National University of Science & Technology (NUST) Islamabad, 3 private SEZs, 4 SEZ under the flagship project of China Pakistan Economic Corridor (CPEC).
Read: CPEC committee for plots’ issue resolution in SEZs
In the sixth meeting of Pakistan’s Joint Cooperation Committee (JCC) on CPEC, it was agreed to set up nine SEZs, seven Provincial and two Federal, under CPEC Industrial Cooperation (IC) in Pakistan. Four SEZs namely Allama Iqbal Industrial City in Punjab, Raskakai SEZ in Khyber Pakhtunkhwa (KP), Bostan SEZ in Balochistan, and Dhabeji SEZ in Sindh- got approvals from the Board of Approvals. Reportedly, these SEZs are in different development phases. To speed up the pace, the federal government has allocated PKR 4 billion in the Federal PSDP FY2021.