Punjab Set to Launch Another Four Economic Zones

 
 
 
Posted by: IIPS Category: Daily Insights Tags: Comments: 0

To encourage growth in the manufacturing sector in Punjab, the provincial and federal government has decided to build and establish 10 Special Economic Zones (SEZs) in different areas of the province. Under the list of 10 SEZs planned, the approval for the construction of four of these SEZs has been attained. These SEZs will be set up near the Allama Iqbal Industrial City (AIIC) near Faisalabad. In addition, a large portion of land has been allocated in Lahore for the Special Technology Zone (STZ) that aims to promote the technology-services sector.

According to Punjab Minister for Industry and Commerce Mian Aslam, establishing SEZs in the province can provide a much-needed boost to the local manufacturing economy. Since there is a conducive environment for investment in the special economic zones due to the provision of world-class industrial infrastructure, the local industry can significantly benefit.

The Special Economic Zones (SEZs) established under the China Pakistan Economic Corridor (CPEC) aim to revitalize the local economy in under-developed regions. The model of operation for SEZs includes the provision of tax reductions and a conducive investment environment for local and foreign investors. The SEZs to be established has attracted several international investors from countries like China, South Korea, and the UK. The SEZs will not only benefit the local economy but also help attract Foreign Direct Investments (FDI) into the country.

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IMARAT Institute of Policy Studies

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