Project, covering 1,500 acres, will be developed on PSM land spanning 19,000 acres
\n ISLAMABAD
\nA strategy to revitalise the Special Economic Zone (SEZ) is in the works as the government is piloting it to hand over Karachi Industrial Park (KIP) to China.
\nA senior government official told the publication that KIP, which is among one of the nine SEZs developed throughout Pakistan under the China-Pakistan Economic Corridor (CPEC) framework, is being developed on the land of non-functional Pakistan Steel Mills (PSM).
\nThe project, covering 1,500 acres, will be developed on the land of the steel mills spanning 19,000 acres.
\nIslamabad is considering to dismantle the existing steel mill structure, while the Sindh government has been allocated 700 acres to establish a new state-of-the-art steel mill on the same site.
\nOfficials said that the transition to Chinese hands will set a precedent for making Pakistan\u2019s SEZs more appealing to investors by integrating international standards and practices.
\nPrime Minister Shehbaz Sharif has already approved this initiative aimed at enhancing the investor-friendliness of SEZs through the adoption of global best practices, he said.
\nDuring a recent meeting, Federal Minister for Board of Investment Abdul Aleem Khan, who leads the Focal Group on Industrial Zones, highlighted key challenges facing SEZs, including inadequate infrastructure and insufficient policy support.
\n\u201cTo enable industrial growth and economic progress, SEZs need tailored incentives and an operational overhaul,\u201d Khan stated, calling for swift reforms.
\nCurrently, Pakistan hosts 21 notified SEZs across the country, each designed to attract a range of investment opportunities.
\nNotable hubs include Bin Qasim Industrial Park, Korangi Creek Industrial Park, and Khairpur SEZ in Sindh; Hattar SEZ in Haripur; and Rashakai SEZ in Nowshera, Khyber Pakhtunkhwa, as well as M3 Industrial City, Value Addition City and Quaid-e-Azam Business Park in Punjab. Additional SEZs are also located in Punjab, Balochistan and Islamabad with the National Science and Technology Park, providing ample development prospects.<\/p>\n","protected":false},"excerpt":{"rendered":"
Project, covering 1,500 acres, will be developed on PSM land spanning 19,000 acres ISLAMABAD A strategy to revitalise the Special Economic Zone (SEZ) is in the works as the government is piloting it to hand over Karachi Industrial Park (KIP) to China. A senior government official told the publication that KIP, which is among one […]<\/p>\n","protected":false},"author":2,"featured_media":441490,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-441447","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n