ISLAMABAD: The government approved Karachi Industrial Park as a federal Special Economic Zone on Friday, aiming to attract export-oriented investment, technology transfer and employment.
Finance Minister Muhammad Aurangzeb chaired the 11th meeting of the Board of Approvals (BOA) for Special Economic Zones.
The board cleared Karachi Industrial Park’s application for federal SEZ status as part of measures designed to support industrial investment.
It also approved general eligibility criteria for government-funded utilities and allied services at privately established SEZs under the Special Economic Zones Act, 2012.
The framework allows authorities to consider road access, utilities and other essential infrastructure up to a private zone’s designated zero point.
Officials will assess such government support on a case-by-case basis. The board separately approved a land lease policy for public-sector SEZs and industrial estates in Punjab.
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That policy seeks to reduce upfront land costs through long-term leases while encouraging more efficient use of public industrial land.
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It targets key industrial sectors and emerging industries with export potential. Federal Minister for Board of Investment Qaiser Ahmed Sheikh, Planning Minister Ahsan Iqbal and Commerce Minister Jam Kamal Khan attended the meeting.
Representatives from the Finance Division, Board of Investment, Special Investment Facilitation Council and federal and provincial SEZ authorities also took part.
