Govt announces concessions on import of machinery for SEZs

F.P. Report

ISLAMABAD: Government on Tuesday announced special incentives for setting up industries in Special Economic Zones being set up along the motorways and the machinery being imported for these SEZs will be without customs duty.

Board of Investment (BOI) sources giving details of these incentives said that the government will provide facilities for the import of plants being installed in these Economic Zones and these will be without import duty. The officials of the BOI said these incentives are being given to ease on doing business using modern machinery and facilities so that Pakistan can made quality goods that can compete in the international market.

The sources of the BOI said that both local and foreign investors should take full benefit from these facilities and invest in the Special Economic Zones using most modern machinery and technology. The sources said BOI and other concerned departments will provide all the necessary assistance and cooperation to the local and international investor to promote industrial growth in the country.

The BOI sources were of the view that Special Economic Zones, will create employment with setting up new industries and the BOI has assured that it will ensure all the facilities to the investors especially the foreign investors so that modern and latest machinery could be installed at these SEZs without any difficulty and problem.

The BOI has also established One Window operation for enhancing the foreign investment through reforms of the institution. This innovative concept of One Stop will also adopt in the institution and hire appropriate professional for different sectors including legal, export, investment, marketing and branding experts to providing conducive environment in these Special Economic Zones.

A consultative committee had been formed, which consisted senior officials of establishment division and BOI also to review and execute the reconstruction plan of BOI on modern lines. The BOI has also planned to hire experts to deal with the capacity and modernization of the institution. The reforms agenda for restructuring of BOI will implement very soon and it will enhance the professional capacity of the institution which will be helpful in attracting more foreign investment especially in the Special Economic Zones.