Rashakai, SEZ to set new direction for modern industrialization: BOI

ISLAMABAD, Sep 15 (APP): The Board of Investment (BOI) on Tuesday said the Rashakai, Special Economic Zone (SEZ) would set a new direction for the modern industrialization in Pakistan and bring huge Foreign Direct Investment (FDI) in the country.

Recently the Pakistan and China signed the development agreement of the Rashakai SEZ under China Pakistan Economic Corridor’s (CPEC) to promote the Ease of Doing Business (EODB) in the country, Federal Secretary for BOI, Ms Fareena Mazhar said this while talking to APP here.

Through this milestone in the economic history of the country, the government wants to provide conducive business environment for bringing Foreign Direct Investment (FDI) in the country, she said.

Fareena said that Rashakai M-1 Nowshera , Dhaba , Dhabeji Thatta. , Allama Iqbal Industrial City, Faisalabad and Science Technology Park in National University Science and Technology had also been approved and would be top priority of the government to develop these zones for creating the better business opportunity for foreign investment.

The secretary said the development of Rashakai SEZ had a huge strategic implication, because of closer to resources rich Central Asian Republics (CARs) and also play role for economic integration of the region.

She said that all of these SEZs would have far-reaching socio-economic impact in the region by attracting more investment, spurring industrialization, creating employment in the industry and ensuring export led-growth.

She said that the completion of Rashakai SEzs would promote ease of doing business in the country and would facilitate the local and foreign investors.

Replying to a question, she said SEZ in Hattar was also a priority of BoI, adding that electricity issue had halted the completion of economic zones but the matter had been resolved.

She said that Pakistan’s proximity with China would allow these SEZs to foster economic interdependence for mutual economic advantage.

The chairman BOI said that this milestone accord between both of the friendly countries would provide the road map for establishment of upcoming new SEZs in the country.

She said the BOI promoted establishment of these all SEZs with the goals of capitalizing on investment inflow under CPEC, inclusive economic development in the Provinces, creation of job opportunities, industrial development, and export generation in Pakistan.

Replying to another question, she said that Rashakai SEZ held a unique competitive advantage due to its proximity to the first juncture of CPEC route, and significant resource and manufacturing base in the region.

To another query about the most priority sector for future investment in Pakistan, she said that textiles value addition, Information Technology, Logistic, Tourism and housing are the major sectors for the government to bring foreign investment in these areas.

She said that Pakistan acquired the $2.5 billion FDI in this FY year and the government was committed to bring more foreign investment in potential sector in this year.

The secretary said the government had set a target to complete the reforms in BOI within next three years, through Pakistan Regulatory Modernization Initiative (PRMI) in district provincial and at country level.

She said that reform process would be completed in three tiers including mapping, analysis and guillotine to execute the regulation from gross route level to country level.

The government has allocated the Rs 150 billion for the completion of these important projects to implement the reform in the institution.