The government of Pakistan has approved the Karachi Industrial Park (KIP) as a federal special economic zone, in a move aimed at attracting export-oriented investment and creating jobs.
The decision was taken at the 11th meeting of the Board of Approvals (BOA) for Special Economic Zones, chaired by Finance Minister Muhammad Aurangzeb.
The proposed industrial zone is expected to encourage technology transfer, boost value-added production and generate employment.
The Board also approved the General Eligibility Criteria for the provision of utilities and allied services up to the designated zero point of privately established SEZs through government funding, under the SEZ Act, 2012.
The criteria establish a framework for considering the provision of road access, utilities and other essential facilities at government expense on a case-by-case basis.
In another decision, the board approved a land lease policy for public-sector special economic zones and industrial estates in Punjab.
The policy is intended to reduce the upfront cost of acquiring industrial land by allowing long-term leases, while encouraging investment in priority sectors and emerging industries with strong export potential.
The government said the measures were aimed at improving the investment climate, encouraging greater private-sector participation and making more effective use of industrial land and public resources.