Sindh government sets up Benazirabad Industrial Development and Management Company

The Sindh government has established Benazirabad Industrial Development and Management Company for accelerating ongoing uplift work at the Special Economic Zone (SEZ) in the district to promote industrialisation, it is learnt.
The Benazirabad Industrial Development and Management Company would be registered under the Companies Ordinance, having three members from the private sector and secretaries of industries and commerce and finance as its members, sources told Business Recorder on Wednesday.
They said that the new company would take over control of the SEZ, Benazirabad district, adding that the Chief Executive Officer (CEO) would be hired from the private sector on competitive basis. The company would have majority representation from the private sector to run the industrial zone in a proper manner so that the potential investors could be attracted to invest there, they said.
Sources said that the SEZ were also being set up in different districts of the province such as Larkana, Tharparkar, Hala and Thatta/Badin with the aim to increase foreign investment that would also create job opportunities for jobless people. The SEZ covers a broad range of more specific zone types including Free Trade Zones (FTZ), Export Processing Zones (EPZ), Free Zones (FZ), Urban Enterprise Zones etc. The goal of an SEZ structure is to increase foreign investment.
Sources said that the company would help fast development of the industrial zone, which would attract foreign direct investment (FDI) particularly by the Chinese companies in the areas of manufacturing, high technology, vendor industry and other export oriented industries.
The company would also create incentives for exports through huge tax breaks and an international competitive business environment, besides duty and tax-free import of plant, machinery, equipment and accessories. According to sources, the government would also provide income tax exception for a period of five years from the start of commercial operations and l00 percent depreciation allowance. However, the federal government would ensure provision of gas, electricity and other utilities at these zones.
District Benazirabad has main crops of wheat, oil seeds, berseem fodder, mutter, gram, cotton, jowar, bajra, guwar and sugarcane, they said, and added that company's CEO would co-ordinate with the Sindh Board of Investment (SBOI) and other donor agencies inviting them to bring their investment into the province.