The Federal government has approved the Special Economic Zone status for Hattar Economic Zone (HEZ), besides giving income tax holiday for a decade and one time duty free on import of capital goods to all industrialists investing in the HEZ. Due to efforts of Khyber Pakhtunkhwa Economic Zones Development & Management Company, KPEZDMC, special Economic Zone (SEZ) status has been granted to the Hattar Economic Zone, by Federal Board of Investment (FBoI), according to a statement of KPEZDMC, issued here on Thursday.
The Special Economic Zone status has been given to Hattar Economic Zone (HEZ) by the Federal Board of Investment which is another milestone achieved by KPEZDMC towards industrialisation of the province. HEZ is the first project of the Company and is already in the developing phase. HEZ will be attracting Rs 200 billion from both local and international investors by 2017.
The SEZ status for the Hattar Economic Zone has been approved in a meeting held on Thursday at Federal Board of Investment Islamabad, which chaired by Miftah Ismail, Chairman Board of Investment, Co-chaired by Azher Ali Chaudhry, Secretary, and Board of Investment, attended by Mohsin M Syed, CEO, KPEZDMC, Representatives of Chambers of Commerce, FATA, and various ministries.
Special Economic Zone is a term assigned to various types of specialised economic zones operating in a well-defined geographic area where economic activities are promoted by a set of policy measures that are not generally applicable to industries operating in the rest of the country. Industries operating in the special Economic Zones 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.
The Special Economic Zone status would grant the industrialists investing in Hattar Economic Zone a 10 year income tax holiday and one time duty free import of capital goods making it a preferred destination for industrialists. This approval of the long standing demand of KP for special incentives for industries will result in a prosperous era of province by rapid industrialisation leading to job creation, increased commercial activity and skill enhancement for the inhabitants of the province.