ISLAMABAD: The government on Saturday decided to form a committee to firm up proposals for opening special economic zones (SEZ) in Punjab, Khyber-Pakhtunkhwa and Balochistan.

The decision to form the committee was taken by Finance Minister Ishaq Dar on Saturday. He was chairing a meeting of the ‘Board of Approvals’ (BOA) which reviewed the ‘Special Economic Zones Act of 2012’ promulgated in September 2012 and later the SEZ rules were notified.

Board of Investment Chairman Miftah Ismail is expected to head the committee which will include representatives of provincial boards of investments.

The finance minister directed that the committee should finalise proposals on priority basis.

The SEZ Act provides for the establishment of special economic zones. The federal or provincial governments may establish special economic zones by themselves or in collaboration with private parties under various modes of collaboration including public-private partnership or exclusively through the private parties as provided under the Act.

It is worth mentioning here that the Approval Committee headed by BoI chairman has already approved the setting up of the Khairpur Special Economic Zone (KSEZ) in Sindh which is being developed in Khairpur district as a future hub of agro-processing and other related industries.

KSEZ, approved in February last year, is located on 140 acres land in the proximity of date growing areas, ideal for setting up date processing and packaging plant for exporting different varieties of date to get high price for this value added product in the international markets.

The board of approval also reviewed the ‘Business Climate Improvement Plan of the Board of Investment which aims at improving business environment in the country by reducing cost and processes of doing business.

The meeting also approved BOA membership of Nawabzada Khalid Hussain Magsi from Balochistan.

The board, after thorough discussion, approved amendments to ‘Section Six’ of the SEZ Act concerning functions and responsibilities of the board which empowers it to examine and decide upon policy issues.

APP adds: On a summary initiated by the States and Frontier Regions Division, President Mamnoon Hussain has approved Prime Minister Nawaz Sharif’s advice for extension of Special Economic Zones Act, 2012 to the Federally Administered Tribal Areas (Fata) and draft notification to this effect.

Similarly, on another summary initiated by the States and Frontier Regions Division, the president approved PM’s advice for extension of Trade Organisa­tion Act, 2013 to Fata and draft notification to this effect.

Published in Dawn, February 15th, 2015

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