Business

Incentivizing rapid industrialisation through massive investment in SEZs is Govt’s top priority: Imran Khan

ISLAMABAD, Feb 10 (SABAH): “Incentivizing rapid industrialisation through massive investment in Special Economics Zones (SEZs) is Government’s top priority”, said Prime Minister Imran Khan while chairing a meeting on SEZs Facilitation Model and Regulatory Guillotine for Small and Medium Enterprises (SMEs) under PM’s Priority Sector Progress Review.

“Government is focused on attracting maximum foreign direct investment (DFI) in the country“, PM Imran Khan added.

Earlier the Prime Minister was apprised that 112 out of 167 reforms identified by Board of Investment (BOI) have been implemented to ensure ease of doing business for all potential investors in Special Economics Zones (SEZs). The remaining 55 reforms will also clear necessary regulatory approvals within a month.

The Prime Minister was informed that all Chambers of Commerce & Industries and Trade Associations across Pakistan have thanked the Prime Minister for his Government’s remarkable reforms for the facilitation of investors. They especially mentioned the ease in company registration process by Security & Exchange Commission of Pakistan (SECP) and the proposed Asaan Karobaar Portal initiative of Board of Investment (BOI) in this regard. It is because of these historic steps that Pakistan has recently witnessed a 37% improvement in the Business Confidence Index.

The Prime Minister directed all the regulatory authorities including State Bank of Pakistan (SBP), Federal Board of Revenue (FBR) and Drug Regulatory Aurhority of Pakistan (DRAP) to streamline their respective regulatory frameworks to enable the investors get their issues resolved under one roof in the shortest possible time, because time is the most critical factor in making investment decisions.

The Prime Minister also directed them to facilitate the growth of Small & Medium Enterprises (SME) Sector in the country which contributes around 25% in the country’s total exports. He directed the relevant authorities to immediately resolve all pending issues of the SME sector related to export refinancing facility, payment of Duty Drawback on Local Taxes and Levies (DLTL), and financing from banks to address their liquidity crunch. Moreover, he directed them to notify 5-Year export policies for all major sectors, especially the textile and SME in order to lend certainty to the exporters.

The Prime Minister was briefed that the board of Small and Medium Enterprises Development Aurhority (SMEDA) is being revamped along with the creation of Rs. 30 Billion SMEDA Fund for the promotion of this important sector of economy.

The meeting was attended by Energy Minister Muhammad Hammad Azhar, Finance Minister Shaukat Fayaz Ahmed Tarin, Industries Minister Makhdoom Khusro Bakhtiar, Law Minister Dr. Farogh Naseem, Planning Minister Asad Umar, Advisor on Commerce Abdul Razzak Dawood, SAPM on Political Communication Dr. Shehbaz Gill, SAPM on CPEC Affairs Khalid Mansoor, Chairman BOI Azfar Ahsan, Governor State Bank Dr. Reza Baqir, Chairman FBR Dr. Muhammad Ashfaq Ahmed and other senior officers concerned. Provincial Chief Secretaries joined the meeting via video link.