ISLAMABAD, Oct 9: Prime Minister Shaukat Aziz said on Tuesday that the establishment of Special Economic Zones (SEZs) would help promote industrialisation, enhance Pakistan’s competitiveness, generate employment and reduce poverty in the country. Chairing a meeting on the establishment of SEZs here, the premier said there was a need to develop quality SEZs in the country, and asked the officials to prepare proposals to help create competitiveness, uniqueness and give the country a comparative advantage over the other countries in the region.

He said: “Our strategic location, well-equipped ports and skilled manpower can be exploited to our advantage.”

He said: “We have to develop a hassle-free environment which should be conducive to attract both local and foreign investment.”

Mr Aziz said: “We have to look into pros and cons of the already existing schemes and share experiences, like Export Promotion Zones (EPZ), and accordingly incorporate recommendations for formulation of a policy for establishing SEZs.”

Besides policy, there is a need to encourage private sector to come forward and invest in these zones. The participation and involvement of the provincial government, specifically in sharing the incentives for investors, would give a boost to SEZs, he added.

“We have to develop a model by looking into the success drivers of other countries, which are also compatible to our needs and supported by credible ideas incorporated in the policy, he added.

The meeting reviewed the institutional framework of SEZs, international benchmarking of similar ventures, the regulatory aspect and the proposed action plan for the development of SEZs in Pakistan.

He said it is incumbent upon the government to ensure that all basic facilities to investors are available in order to attract private sector whose participation is essential for success of SEZs.

He said establishment of quality SEZs is critical to attract investment and the government must ensure that investors get all possible assistance through one window facility.

The meeting was informed that in order to create an institutional framework, there is a need to increase coordination, consolidate authority and ensure that zones are efficiently planned for SEZs development.

The meeting was further apprised that in order to increase the investors’ confidence, there is need to incorporate additional incentives within the policy.