ISLAMABAD, July 15: Commerce Minister Humayun Akhtar Khan said on Tuesday the government is planning to set up a special tax free industrial zone for promotion of foreign investment and industrialization.
He disclosed this in a meeting with Sindh Governor Dr. Ishratul Ibad here on Tuesday. The governor discussed with the minister issues pertaining to forthcoming trade policy and development in Sindh.
The governor also submitted written proposals to the minister for consideration in the forthcoming trade policy.
The commerce minister said that export processing zone was already functioning but he said the new special zone would provide more facilities to foreign investors as well as to overseas Pakistanis who were keen to invest in Pakistan.
He said the government was also considering to prepare a special package to attract investment from overseas Pakistanis. The government would also offer help the overseas Pakistanis in identifying profitable areas of investment.
The minister said that an expert advisory cell was already working to provide guidance to investors, while Smeda and Board of Investment (BoI) were also providing help to foreign investors. The relevant data and facilities for preparation of feasibility report was also being providing by Smeda, he added.
He said that preference would be given to overseas Pakistanis if they show interest in buying sick units and in privatization of public sector units.
Mr. Khan suggested to provincial governments to prepare their own respective industrial policies to facilitate people who were interested in establishing industries in the provinces. The federal government would provide expertise and full support in formulation of these policies, he added.
The minister proposed that provincial governments should work for promotion of fish farming. There was a heavy demand of fish particularly shrimp in the world market, he said.
He said that SME Bank would solve the financial problems, while provincial government should provide land for fish farming.
The Sindh governor suggested that a special package of incentives should be prepared for overseas Pakistanis as they were interested in making investment but they were not aware of the facilities available to them.
He said that an awareness programme was needed for their proper guidance.