ISLAMABAD, Pakistan: The Board of Investment (BOI) on Tuesday said that seven Special Economic Zones (SEZs) was approved by the government for facilitating and attracting the investors through one window operation.
Talking to the state-run news agency in Islamabad on Tuesday, a Spokesman of Board of Investment (BOI) Shah Jahan said that three each three SEZs would be established in Punjab and Sindh and one in Khyber Pakhtunkhwa.
The BOI Spokesman said that nine more Prioritized SEZs would also be established in Punjab, Sindh, Khyber Pakhtunkhwa, Balochistan, Northern Areas and Federally Administrated Tribal Areas (FATA).
Shah Jahan said that nine prioritized industrial zone proposed for high tech industry meant to enhance the export and employment opportunities to the people in the country. He said that the SEZ Cell had been furnished on the contemporary corporate style and would be equipped with state-of-art facilities.
The Spokesman said that SEZs investors would get the facility for plant and machinery import without customs duty in all four provinces of the country.
The BOI Spokesman said that the government would hold road shows in China, Italy, Singapore, United Kingdom and United States including all big economies in coming few months for increasing Pakistan’s Foreign Direct Investment (FDI). He said that through new work plan, BIO would hold road shows in collaboration with chambers of Commerce and industries and All Pakistan Textile Mills Association (APTMA) for focusing on textile and steel industry.
Shah Jahan said that through pro-active approach, “We have mainly focusing to achieve the FDI target of US$ 15 billion by 2025. He said that Pakistan’s FDI had increased by 12.4 percent in third quarter of current fiscal year from January 1 to end of March, 2017.
The Spokesman of the BOI said that huge foreign investment in automobile sector would be expected from different groups because of the prudent policies of the government. He said that foreign investors were keen to invest in various sectors of Pakistan. He said that the government is committed to provide ease of doing business for foreign investors and also global competitiveness for Multinational Companies (MNCs).
Shah Jahan said that BOI had digitalized visa process for foreign investors and now the investors could apply online for business visa from anywhere and they would be responded in very short period of time. The duration of visa process had now been reduced from six months to weeks subject to the verification from different agencies, he added.
“We have also transformed the liaison and branch office from manual to online to facilitate the investors,” he said.
The Spokesman informed that Pakistan was in top 10 countries in world for improving in investment laws and providing facilities for doing business to foreign investors. He said that the BOI was fully committed to reviving the confidence of foreign businessmen to ultimately boost foreign investment in the country. He said that Pakistan had one of the most liberal foreign investment regimes in South Asia.
