ISLAMABAD: Federal Minister for Privatisation, Fawad Hasan Fawad, chaired the second and final meeting of the SIFC Working Group on Development of Special Economic Zones held at the Privatisation Division.

The working group suggested the creation of a single authority for managing all types of economic, technology, and industrial zones for the facilitation of investment and development of industry. A working paper based on the recommendations of the working group will be submitted to the SIFC executive committee in its next meeting.

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The meeting was attended by representatives of all key stakeholders at the federal and provincial levels. It was highlighted that the existing frameworks allow for different types of special zones offering different sets of incentives which is counterproductive for industrialization. The best facilitation of investment can be offered only when a single authority is formed and fully empowered by all stakeholders to cater to investors. It was further pointed out that legal and constitutional provisions exist for such cooperation and coordination between the federation and the federating units.

Copyright Business Recorder, 2023