The Federal Board of Investment (BoI) on Thursday approved Special Economic Zone (SEZ) status for the three Industrial Estates in Punjab. These are: Quaid-e-Azam Apparel Park located at M-2 (Lahore - Islamabad Motorway) at a distance of 2 KMs from Shiekhupura Interchange, M3 Industrial City located on Trade Corridor of Pakistan, along Motorway M-3 South near Sahianwala Interchange, 20 KMs from Faisalabad and Value Addition City (VAC), a 225 acre facility located about 20 KMs from Faisalabad city and 1.5 KMs off Sheikhupura - Faisalabad Expressway.
The BoI gave SEZ status to these Industrial Estates at a meeting held at the Board office in Islamabad on Thursday. The meeting was chaired by Miftah Ismail, Chairman BoI, whereas, Azher Ali Chaudhry, Secretary BoI, representatives from Provincial Investment Boards, Special Economic Zone Authorities, Chambers of Commerce, Fata, and various ministries were also present at the meeting.
Chief Executive Officer, Punjab Board Of Investment (PBIT), Amena Cheema stated "It is that first time in the history of Punjab that Industrial Estate has been given the SEZ status and these SEZs will prove to be a milestone towards industrialisation of the province. These SEZs are estimated to have a turnover of more than Rs 1 trillion to our economy and guarantee over 2,000,000 jobs."
These Special economic zones will be completed by 2018-19 and will help attract Foreign Direct Investment due to attractive investment friendly policies and tax breaks; they will offer numerous benefits to zone enterprises including 10-year income tax holiday and one time duty free on import of capital goods in the SEZ. Industries operating in the SEZs will have an immediate access to high-quality infrastructure, un-interrupted power supply, public facilities and support services along with simpler business and establishment rules and expedited administration.
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