Pakistan has successfully concluded a comprehensive survey of Special Economic Zones (SEZs) to facilitate the relocation of Chinese firms and make these zones attractive for international businesses, Federal Minister for Investment Abdul Aleem Khan announced on Wednesday.
The initiative, conducted under the government’s drive to draw foreign investment from China and Gulf nations, aims to address bureaucratic hurdles through the Special Investment Facilitation Council (SIFC)—a hybrid civil-military body established last year to streamline operations for foreign enterprises.
Survey Insights and Objectives
The survey included aerial assessments using drone technology to map resources and challenges in SEZs across the country. Minister Khan noted that specific measures would be implemented to support the relocation of Chinese industries while also welcoming investment from other countries.
“This effort underscores Pakistan’s commitment to becoming a hub for global business,” Khan stated, emphasizing that these zones will focus on fostering industrial growth and increasing exports.
CPEC and Economic Recovery
This development comes as part of the China-Pakistan Economic Corridor (CPEC), which initially prioritized energy and infrastructure projects but has now entered a new phase aimed at boosting industrial production and exports. Earlier this year, Prime Minister Shehbaz Sharif met with Chinese business leaders during a five-day visit to China, urging them to invest in Pakistan and relocate operations to SEZs.
The transition aligns with Pakistan’s broader recovery efforts from an extended economic crisis, emphasizing enhanced industrial and agricultural output supported by increased international investment.
Reforms and Sustainability
To ensure SEZs’ success, the government plans to introduce approximately 150 reforms. These include implementing environmentally sustainable practices under the “Green Pakistan Investment” model, focusing on eco-friendly infrastructure, renewable energy, and sustainability to attract global investors.
Karachi’s industrial zones, for instance, will be directly linked to Port Qasim through improved infrastructure, enhancing trade efficiency.
Streamlining Investment Processes
During a recent meeting, officials also discussed establishing a business facilitation center and reviewed the “Ease of Doing Business Act 2024.” The act aims to further simplify investment procedures and enhance SEZ operations.
Khan urged Pakistani embassies to actively engage foreign investors and announced plans to create a “Pride of Pakistan” initiative to spotlight key international stakeholders.
Conclusion
The completion of this survey marks a significant step forward in Pakistan’s efforts to position itself as a competitive destination for global trade and investment. By combining strategic reforms with environmentally sustainable practices, the government aims to attract diverse international partnerships, fostering long-term economic growth.
