In order to encourage investment in the auto sector in Pakistan, the government has decided to establish an Auto Export Zone at Port Qasim in Karachi.
Sources told ProPakistani that a decision has been taken to set up an Auto Export Zone to facilitate auto manufacturers.
A follow-up meeting was held in the Prime Minister’s office, chaired by Special Assistant to the Prime Minister (SAPM) on Government Effectiveness Dr. Muhammad Jehanzeb Khan to expedite the process of the Export Processing Zone Policy and the proposal of the establishment of an Auto Export Zone at Port Qasim.
The SAPM appreciated the efforts of the Ministry of Industries and Production, the Ministry of Commerce, and the Ministry of Maritime Affairs in resolving pending issues and promoting an investor-friendly climate for the auto sector in Pakistan.
The participants were sensitized to the fact that the investment flows are not very encouraging. Therefore, the stakeholders need to double their efforts to attract foreign investment in Pakistan. It was also highlighted that the Export Processing Zones Authority (EPZA) is finalizing a new policy document to attract investment in the Export Processing Zones (EPZs) with a more liberalized regime.
After detailed discussion and deliberation, some important decisions were taken during the meeting.
The Chairman EPZA would finalize the input received from the Federal Board of Revenue (FBR), the Ministry of Commerce, and other stakeholders. The viewpoint of the State Bank of Pakistan (SBP) would also be obtained on the policy document.
The sources further revealed that the FBR Chairman would provide concrete input on the draft policy document sent by EPZA, covering all critical fiscal incentives discussed in the draft framework.
Secretary Industries would finalize the EPZA Policy Framework and send it to the relevant approving authority. The Secretary Commerce is to firm up its input and respond to the pending summary initiated by the Ministry of Maritime Affairs regarding land and Pakistan Telecommunications Company Ltd. (PTCL) liabilities settlements.
The chairs of EPZA and the National Single Window Project would coordinate on the requirements, including international financial requirements and potential financing avenues for EPZA’s required digitization process.