ISLAMABAD: Finance Minister Dr Shamshad Akhtar on Monday emphasized the importance of paying more focus on a business-friendly environment instead of relying exclusively on tax holidays.

On Monday, she presided over a meeting on Special Technology Zones (STZs) and Special Economic Zones (SEZs).

The caretaker finance minister also emphasized the crucial role that the STZs and the SEZs play in the development and progress of a nation’s economy. She stressed the government’s commitment to make Pakistan a hub for technological advancements and economic prosperity.

The caretaker finance minister was confident that the deliberations among the participants would result in actionable recommendations to further enhance the effectiveness and efficiency of STZs and SEZs in order to fully utilise the potential of these STZs and SEZs.

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The committee was apprised about the comparative models of STZs and the progress and challenges of existing STZs and SEZs respectively.

Moreover, a comprehensive discussion took place on the incentives currently available within STZs and SEZs, with a primary focus on enhancing their effectiveness and relevance to the rapidly evolving technological landscape.

It was also shared that out of eight areas declared as STZs, five are fully functional. The meeting also discussed strategies and policies aimed at fostering innovation, economic growth, and technological advancement through efficient management of STZs and SEZs to attract domestic and foreign investment.

Minister for IT and Telecom Dr Umar Saif, Minister for Board of Investment Chaudhry Salik Hussain, Advisor to Prime Minister on Establishment Ahad Cheema, Senator Dr Afnan Ullah Khan, Secretary Finance, Secretary Law and Justice, chairman FBR, chairman STZA, chairman CDA, and senior officers from Finance, FBR, and STZA attended the meeting.

Copyright Business Recorder, 2023