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Press Release - Govt Sets Priority to Divert Investment to Industrial Sector: Chairman BoI


4/10/2019
Prime Minister’s Office
Board of Investment
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Govt Sets Priority to Divert Investment to Industrial Sector: Haroon Sharif, Chairman BoI
 
Islamabad, April 10, 2019: Chairman Board of Investment, Mr. Haroon Sharif said that government is focusing on three core aspects; improved governance, provision of sufficient basic utilities and rationalization of land prices to ensure establishment of an efficient industrial base in Pakistan.
 
He expressed these views while chairing the 5th Meeting of Approvals Committee of Special Economic Zones (SEZs) at the Board of Investment (BOI), Islamabad on Wednesday. Executive Director General BOI, Fareena Mazhar, Syed Hamid Ali DG CPEC BoI, representatives from Punjab Industrial Estates Development & Management Company (PIEDMC), National Industrial Parks Development & Management Company (NIP), Provincial Boards of Investment and Trade, PARCO, and SEZ Developers were also present on the occasion.
 
The Chairman BoI said that government has carried out a detail analysis and it is focusing to revive the existing seven Special Economic Zones. “Timebound plans for utility provisions are being finalized to address the major obstacle that hinders progress of these SEZs”, he added.
 
Mr. Sharif underscored that prices of land for industrialization is a major issue as most of the zones are becoming a real state project. He intimated that the approach is being discouraged, and policy revision would be made to introduce best models.
 
He asked the provinces to plan out the best competitive models for industrial development concerning the SEZs, aligned with the Federal Government priorities. The Chairman vowed that BoI will fully cooperate and ensure efficient policy formulations at high level.
 
Director General CPEC BOI, Syed Hamid Ali, briefed the Committee on the observations of the Board of Investment (BOI) relating to the seven (7) applications for SEZs.
 
The Committee directed the Developers of the seven applications including Rahim Yar Khan Industrial Estate, Bhalwal Industrial Estate, Vehari Industrial Estate, Rachna Industrial Park, Oil Village SEZ, Roshan Sun Tao Paper Mills Pvt Ltd, and Zaamin Industrial Park to address the observations raised by the Board of Investment.
 
KP government representative informed that the provincial Cabinet has approved Concession Agreement of Rashakai SEZ and same will be submitted on April 16, 2019, to the Federal BOI after endorsement of Public-Private Partnership Board of KP. 
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