ISLAMABAD, Dec. 15 (INP-WealthPK) — Federal Minister for Industries and Production Syed Murtaza Mahmud has instructed the Export Processing Zones Authority (EPZA) to immediately address investor concerns to encourage domestic and foreign investment.
While presiding over a meeting of EPZA executives, he emphasised the importance of creating laws and regulations that regulate export processing zones to make them welcoming to investors. When evaluating Pakistan’s laws, regulations, and policies, the minister suggested taking inspiration from the Chinese and Bangladeshi EPZ frameworks and models because they have made great strides in the industry.
According to him, Pakistan is rich in natural resources and has an abundance of raw materials in addition to having access to inexpensive labour. By giving emphasis to the greatest possible investor and export-oriented industry facilitation, the nation has the ability to greatly enhance its exports, he added.
The minister stated that EPZA was founded to provide investors enticing incentives and one-stop convenience in order to support export-oriented industries, and that it should perform its proper role in order to meet the authority’s predetermined goals.
He noted that the authority needs to make committed efforts to increase its proportion of the country’s total exports. Right now, exports through EPZA are slightly below $1 billion, and we have to increase them tenfold to $10 billion by utilising the available potential of the sector, he added.
Murtaza Mahmud offered his full assistance for resolving challenges being encountered by EPZA and businesses and industrialists functioning in the zones.
Earlier, EPZA Chairman Dr Saifuddin Junejo updated the minister on the authority’s performance, key problems, and next steps. He stated that the authority’s automation process is also well along and that EPZA is focusing on the creation of EPZs through a public-private partnership model.
The meeting was also informed about the establishment of the EPZ in Sukkur, the construction of Phase III of the Karachi EPZ, the rehabilitation of ill and closed units, the problems with the zones in Gujranwala and Sialkot, and the delay in constituting the board of directors.
