News Desk
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb on Friday chaired a meeting of the Board of Approvals (BOA) for Special Economic Zones, which approved the Karachi Industrial Park (KIP) as a Federal Special Economic Zone (SEZ).
It also cleared two policy measures aimed at facilitating industrial investment and the effective use of industrial land, a news release said.
The meeting focused on measures to facilitate industrial investment, improve infrastructure provision and promote effective utilisation of industrial land.
The Board confirmed the minutes of its previous (10th) meeting before taking up three substantive agenda items.
It approved the application for KIP as a Federal SEZ. The proposed zone aims to attract export-oriented industrial investment, promote technology transfer and value addition, 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 set out a framework for considering the provision of road access, utilities and other essential facilities at government expense on a case-by-case basis.
It further approved the Land Lease Policy for Public Sector SEZs and Industrial Estates in Punjab.
The policy promotes industrial investment through long-term leasing, reduces upfront land costs and ensures optimal use of public-sector industrial land. It also encourages investment in key industrial sectors and emerging industries with high export potential.
The decisions reflected the government’s continued focus on facilitating industrialisation, improving the investment environment and strengthening the framework for SEZs.
The measures aimed to support greater private-sector participation, encourage export-oriented production, and ensure public resources and industrial land are used effectively.
Separately, Aurangzeb on Friday held a meeting with Lieutenant General Inam Haider Malik, outgoing Chairman of the National Disaster Management Authority (NDMA), alongside Lieutenant General Hasan Khattak, incoming Chairman of the authority, to discuss disaster preparedness, climate resilience and strengthening Pakistan’s capacity to manage climate-related risks.
The minister highlighted climate change and population growth as Pakistan’s two existential challenges, with far-reaching implications for economic stability, food security, communities and public finances.
He noted that during the recent IMF-World Bank Annual Meetings, climate change and its implications for Pakistan featured in discussions with international partners, underscoring the importance of strengthening national preparedness and effective risk management.
Aurangzeb emphasized the importance of translating forecasting into timely decisions and effective early-warning measures.