ISLAMABAD: Strategy to revitalise Special Economic Zone (SEZ) is in works as government is piloting it to hand over Karachi Industrial Park (KIP) to China.

Senior government official told that KIP, which is among one of nine SEZs developed throughout Pakistan under China-Pakistan Economic Corridor framework, is being developed on land of non-functional Pakistan Steel Mills.

Project, covering 1,500 acres, will be developed on land of Steel Mills spanning 19,000 acres. Islamabad is considering to dismantle existing Steel Mills structure, while Sindh government has been allocated 700 acres to establish new state-of-the-art steel mill on same site.

Officials said that transition to Chinese hands will set precedent for making Pakistan’s SEZs more appealing to investors by integrating international standards and practices.

“To enable industrial growth and economic progress, SEZs need tailored incentives and an operational overhaul.” Notable hubs include Bin Qasim Industrial Park, Korangi Creek Industrial Park and Khairpur SEZ in Sindh.

Hattar SEZ in Haripur, and Rashakai SEZ in Nowshera, Khyber Pakhtunkhwa as well as M3 Industrial City, Value Addition City and Quaid-e-Azam Business Park in Punjab.

Additional SEZs are also located in Punjab, Balochistan and Islamabad with National Science and Technology Park, providing ample development prospects.

Published in The Daily National Courier, November, 04 2024

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