KARACHI, May 22: Prime Minister Mir Zafarullah Jamali on Thursday announced certain incentives for the Karachi Export Processing Zone and assured consistency in policies for attracting foreign investment.

The prime minister announced the incentive package after performing ground breaking of Rs120 million 7.5 kilometres long access road from Karachi Export Processing Zone to Port Qasim.

Later he also inaugurated the one window facility for foreign investors and overseas Pakistanis at PIDC House.

Over the years the KEPZ had suffered because of corrupt officials and politically motivated policies of the past government who actively worked to discourage investment in the KEPZ. Owing to these factors a sizable Korean investment package could not materialize.

Mr. Jamali declared that Sindh government’s excise cess of 0.5pc was being abolished whereas others were being reduced in the package to encourage investment.

Security deposit on industrial land in the KEPZ was being reduced from $12 per square metres to $5 per sq. metres, whereas rates for warehousing, trading and commercial plots were being slashed from $35 to $20 per sq. metres.

Annual ground rate for industrial plot has been brought down from $2.5 to $1.5 square meters while rates for trading and commercial undertakings was slashed from $3 to $2.5 per square metres.

He expressed the hope that incentives would encourage investment and also help in eradicating unemployment. He assured people-friendly measures in the future also.

Mr. Jamali said the government had fulfilled its commitment by announcing the package, and now it was up to investors to play their role. He promised to further slash taxes and duties at an appropriate time.

“I hope and expect that this package will not go in slumber as the pressure on you would be released,” he observed.

He claimed the economy was moving in right direction and assured continuation of the policies initiated by Musharraf regime and promised to honour commitments made to the IMF, World Bank and other donor agencies.

He emphasised that continuity in economic policies were necessary for stability.

Mr Jamali late told newsmen that he would soon visit Thar area where he would review the progress of the coal project and other development activity in which Chinese were also involved. He said that Pakistan had come a long way from the 9/11 crisis and now its forex reserves had crossed the limit of 10 billion dollars.

Earlier federal minister for industries and production, Liaqat Ali Jatoi said the environment in Pakistan was viable for investment. He also emphasised that a new board of governors had been constituted and that it would take the KEPZ out of prolonged slumber. While the minister was addressing, criminal neglect and apathy of corrupt officials was evident all over.

ONE WINDOW FACILITY: Inaugurating the Business Support Centre of the Federal Ministry of Industries and Production, Mr Jamali said it would facilitate foreign investors as well as the overseas Pakistanis and emphasised the need for taking advantage of the measures aimed at meeting challenges of the 21st century.