ISLAMABAD, Dec. 02 (INP-WealthPK) – The Government of Pakistan has decided to establish a special economic zone (SEZ) in Islamabad to facilitate smart and low carbon industry, WealthPK reported.
The purposed economic zone namely, Islamabad Model Special Economic Zone (IMSEZ), will be established under the framework of China Pakistan Economic Corridor (CPEC).
According to a report of the Board of Investment (BoI), the purposed IMSEZ will be established on 1,000 acres of land in the federal capital. The smart and low carbon, eco-friendly industry such as pharmaceuticals, light engineering, and food labs will be allotted land and will be facilitated by other means to establish production units there.
According to the BoI, international standard infrastructure, utilities and other facilities would be provided to the investors in the IMSEZ. The purposed economic zone will be established under the public private partnership (PPP).
The Special Economic Zones Authority (SEZA) has already approved the project, while the Planning Commission Form-1 (PC-1) for feasibility study has also been approved by the Central Development Working Party (CDWP), the report said.
According to the BoI, land has also been identified by the Capital Development Authority (CDA) for the proposed IMSEZ at a suitable place in Islamabad. The purposed land is at the prime location of Islamabad, which is 46 kilometres away from Islamabad Airport, 27km from Islamabad Dry Port and just 8km from Sihala Railway Station. The purposed location is close to Rawat Industrial Estate.
According to the BoI, all the services for investors would be provided at a single door in the purposed economic zone. “The process of getting licences and permits, and getting all utility services will be available through One Stop Service (OSS),” said the report.
Earlier, the government had approved an SEZ for Islamabad – the National Science and Technology Park (NSTP). It will be the first fully integrated science and technology park (STP) in the city.
According to the BoI, Rs8 billion has been invested into the master plan of the NSTP and it will emerge as an innovation powerhouse for businesses.
According to the Ministry of Planning, Development and Special Initiatives, a total of nine especial economic zones have been formally approved so far under CPEC. Four special economic zones, Rashakai SEZ, Dhabeji SEZ, Allama Iqbal Industrial City and Bostan SEZ are under construction now. The SEZs in the pipeline include ICT Model Industrial Zone, Industrial Park on Pakistan Steel Mills Land, Mirpur Industrial Zone, Mohmand Marble City and Moqpondass SEZ.
According to the Ministry of Planning, Development and Special Initiatives, CPEC will not only benefit China and Pakistan, but will have positive impact on Iran, Afghanistan, and central Asian countries as well.
According to Pakistan Institute of Development Economics (PIDE) Islamabad, the SEZs under CPEC are a fruitful strategy for promoting trade, employment and economic growth. It said the SEZs with modern facilities and clear policies are the best way to attract foreign investment in an organised manner with maximum gains.
