The government of Pakistan has granted federal special economic zone status to the Karachi Industrial Park (KIP). Officials present the move as a way to draw export-focused investment and create employment.
The decision was made at the 11th meeting of the Board of Approvals (BOA) for Special Economic Zones, which was chaired by Finance Minister Muhammad Aurangzeb. The zone is expected to bring in new technology, increase value-added production and generate jobs.
Utilities and land measures approved for economic zones
The board also endorsed General Eligibility Criteria for providing utilities and allied services up to the designated zero point of privately established SEZs, funded by the government under the SEZ Act, 2012. The framework lets the government consider covering road access, utilities and other essential facilities at public expense on a case-by-case basis.
In a separate decision, the board approved a land lease policy for public-sector special economic zones and industrial estates in Punjab. The policy seeks to lower the upfront cost of industrial land through long-term leases, while encouraging investment in priority sectors and emerging industries with strong export potential.
Government aims to strengthen investment climate
The government said the measures are intended to improve the investment climate and widen private-sector participation. It also said they would make better use of industrial land and public resources.
