ISLAMABAD: Pakistan’s Minister for Privatization Fawad Hasan Fawad on Wednesday chaired the first meeting of the Working Group of the Special Investment Facilitation Council (SFIC) mandated to formulate economic policies, provide a one-window operation, and attract investments to Pakistan.
The primary objective of the meeting was to address obstacles hindering the development of Special Economic Zones (SEZs) and expedite the industrialization process. The gathering brought together relevant stakeholders from provincial governments and their respective industrial zone authorities.
During the meeting, the Additional Secretary of the Board of Investment (BOI) and the Director-General of Special Economic Zones delivered a presentation highlighting the significant challenges currently faced by existing SEZs and the essential framework requirements for future SEZs. BOI proposed the establishment of a “One Stop Shop” to facilitate future SEZs.
SFIC Seeks Constitutional Mandate for SEZ Development
The BOI proposed the establishment of a “One Stop Shop” to facilitate future SEZs. However, concerns were raised within the forum regarding the limitations of this concept, and the necessity of a mutual agreement between federal and provincial governments to establish a development framework based on international best practices and standards was emphasized.
Moreover, the need for a constitutional mandate was underscored. The meeting also addressed issues such as land identification and allocation, cost competitiveness, provision of utilities, human resource constraints, and policy consistency.
It was unanimously decided that, based on the key takeaways from the meeting, a working paper containing solutions and a well-defined roadmap for the future would be circulated. This information will be shared during the second and final meeting of the working group, which is scheduled, preferably, for next week.
