Home »Business and Economy » Pakistan » Sindh government grants SEZ status to three industrial zones
Sindh government has granted special economic zone (SEZ) status to three industrial zones in the province including Khairpur Special Economic Zone, Korangi Creek Industrial Park and Bin Qasim Industrial Park. Decision in this regard was made during a meeting of the Board of Approvals of the SEZs, chaired by Federal Minister for Finance and Economic Affairs, Senator Muhammad Ishaq Dar, said an official statement here on Wednesday.

It is inspiring to have this landmark achievement which would reciprocate in setting up of various value addition enterprises at these zones. The upcoming industries will not only bring more investment in the country but enhance the socio-economic upliftment in the area through job creation and poverty alleviation.

Being the Chairman of Sindh Special Economic Zone Authority, Sindh Chief Minister Syed Qaim Ali Shah had earlier approved the above three industrial zones to be recommended to Board of Approvals, Islamabad for the award of SEZ status which will guarantee the benefits that are offered under the SEZ ACT 2012. The main fiscal benefits under the Act of 2012 ensure corporate tax holiday often years for investors and developers as well as duty free import of capital goods and machinery.

Korangi Creek Industrial Park is being developed on 240 acres of land that is located in sector 38 of Korangi Industrial Area, Karachi. The estimated project cost is Rs 3.8 billion. The project is visualised to bring Rs 20 billion direct investment and contribute Rs 40 billion to Gross Domestic Production (GDP) and generate direct employment for 30,000 individuals.

The park is divided into two zones: a low density zone for industries and a high density zone for commercial sectors. The low density zone will include industrial units of food and pharmaceuticals, garments and textiles, light engineering, packaging and printing, warehousing and logistics. The high density zone will exclusively promote information technology, gems and jewellery and other ancillary and allied sectors. Bin Qasim Industrial Park (BQIP) is spread over an area of 930 acres near Port Qasim, adjacent to Arabian Sea Country Club Bin Qasim Town, Karachi. The estimated cost is Rs 9.8 billion.

The project is envisioned to fetch Rs 50 billion direct investment, contribute Rs 100 billion to GDP and generate direct employment for 50,000 individuals. The project has been designed to cater to the needs of medium and Ire-scale entrepreneurs aspiring to invest especially in the engineering sector and the steel industry of Pakistan. The proposed industrial clusters under the zone included engineering and equipment, chemicals and food, logistics and consumer goods.

Copyright Associated Press of Pakistan, 2015

the author