Special Economic Zones (SEZs) are designated areas with different business and trade laws than the rest of the country. SEZs are situated to improve the trade balance, employment, investment, and efficient administration within the country’s boundaries. CPEC has developed several SEZs, luring foreign investors from China, South Korea, the UK, etc.
The SEZs are advantageous to the regional economy and aid in attracting FDI into the country. As the world is technologically advancing, the industry sector is flourishing. Nevertheless, Pakistan’s industrialisation and exports still need to be boosted. Many domestic and international investors are interested in setting up industrial units in the capital city of Pakistan, but there are no industrial or economic zones in the region.
Considering the importance of industrial units, the Board of Investment and the Special Economic Zone Authority (SEZA) are planning to set up an economic zone near Rawat. In this regard, the Capital Development Authority (CDA) has identified 1,000 acres near Rawat Industrial Estate to establish the Special Economic Zone and allow the Board of Investment to approach the land acquisition collector to acquire the land.
After completing the SEZ, new investments will be encouraged in the country, resulting in employment opportunities for the people. The new industrial unit will also help run the economy smoothly, and the workforce will bring innovation and technology to the industry sector. Currently, the government is making every possible effort to establish SEZs in the country as they will boost employment and ramp up local industries, leading to sustainable future economic growth.
To promote innovation and development in the country, the government and development authority must cooperate with the private sector and involve private investors and firms in developing industrial zones. The economic activities need to be prioritised as the country is facing various financial challenges leading to inflation, unemployment, devaluation of currency and an energy crisis.