SIF WG okays formation of authority for SEZs
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SIFC Working Group on Special Economic Zones (SEZs) has unanimously agreed to establish an authority dedicated to investment facilitation, technology, and industrial zones, reported the 24NewsHD TV channel.
The Federal Minister for Privatisation, Fawad Hasan Fawad, chaired the second meeting of the SIFC Working Group to discuss impediments in the development of SEZs with the objective of fast-tracking industrialization.
The meeting okayed several recommendations aimed at streamlining capital investment processes and enhancing technology and industrial zones' management.
These recommendations will be presented in the next IMF Executive Committee meeting through a comprehensive working paper.
Key stakeholders at both federal and provincial levels actively attended the meeting.
The current regulations governing SEZs were scrutinized during the meeting, with a consensus that they present challenges for industrialists.
The session highlighted the need for a unified authority, empowered to cater to the comprehensive requirements of investors.
The proposed authority is expected to operate with full autonomy, ensuring efficient decision-making processes.
The collaboration between the federal government and various units is supported by existing legal and constitutional frameworks, fostering a harmonious and cooperative environment.
As discussions progress, the formation of the proposed authority is anticipated to play a pivotal role in addressing challenges and optimizing opportunities within SEZs in Pakistan.