ISLAMABAD, April 15: The government plans to announce an incentive package and modernize export processing zones (EPZs) to attract investment.
An announcement from the Ministry of Industries and Production said export processing zones and free trade zones of the UAE, Bangladesh and Malaysia were being studied by the government.
As part of this process, Industries and Production Minister Liaquat Ali Jatoi is currently in Malaysia to see how free trade zones are operating there.
The export processing zones of Pakistan would be modernized at international standards to promote investment and industrialization through EPZs scheme, said the statement.
The industries minister on Tuesday visited Sungai Way Free Trade Zone located near Kuala Lumpur. This FTZ houses 16 multinational companies. The Royal Customs authorities of Malaysia briefed the minister about the customs facilitations and procedures observed at the FTZ, said the statement.
Liaquat Jatoi said the system, management control, concessions and facilities available in the FTZ and other zones successfully operating in other countries would be considered for reforms package being formulated for the EPZs to encourage investment in these zones.
Besides Malaysia, the minister also visited the UAE and Bangladesh’s export processing zones. The basic objective of his visit was to replicate the efforts of these countries in Pakistan. The minister appreciated the FTZ system and other facilities being provided to the investors there.
Speaking to a gathering of Pakistani businessmen, Mr Jatoi said investment incentives were being offered to the foreign investors by Pakistan and assured that there would be continuity in the government policies.
The minister said Pakistan was viable for investment and its economy was now on a take off stage. The present government is considering various proposals to attract foreign investment and boost economy, he said.
Mr Jatoi asked the Pakistani businessmen to put their investment in Pakistan, establish joint venture projects, as there were no restrictions on investment. He apprised them of the present state of Pakistan’s economy and appreciated the government’s policies during the past three years.
The minister also toured Matsushita Electric Company and saw the manufacturing and assembly of various Panasonic brand electronic components.
