Pakistan's federal government has approved Karachi Industrial Park as a federal Special Economic Zone (SEZ). The decision was taken on Friday at the 11th meeting of the Board of Approvals for SEZs in Islamabad, chaired by Finance Minister Muhammad Aurangzeb.
According to an official announcement, the zone is meant to attract export-oriented industrial investment, encourage technology transfer and value addition, and create jobs. The meeting also discussed ways to ease industrial investment, improve infrastructure and make better use of industrial land.
The board approved general eligibility criteria for providing roads, utilities and other essential services up to the designated zero point of privately established SEZs at government expense, to be considered case by case under the SEZ Act, 2012.
It also approved a land lease policy for public-sector SEZs and industrial estates in Punjab. The policy aims to lower upfront land costs through long-term leasing and to encourage investment in emerging sectors with high export potential.