Pakistan Economic and Industrial Zones update
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PESHAWAR: The board of directors of the Khyber Pakhtunkhwa Special Economic Zone Authority (SEZA) on Tuesday approved the status of the special economic zone for the Mohmand Marble City.
According to an official statement issued here, the board, which met with Chief Minister Mahmood Khan in the chair, also ordered the acquisition of an additional land of 2,000 acres and prepare feasibility study for the purpose.
The chief minister directed the relevant officials to accelerate the shifting of marble factories from Warsak Road, Malagori and Shabqadar to the Mohmand Marble City and ensure the early provision of facilities to investors in all economic zones of the province.
The meeting also approved standard operating procedures for SEZA for submission to the federal Board of Investment in Islamabad for final consent.
According to the statement, the meeting was informed that the federal BoI has approved the zone regulations for Rashakai SEZ, which have been made part of the already-signed development agreement.
Also, the special purpose vehicle of Rashakai Special Economic Zone has been registered with Security Exchange Commission of Pakistan.
The meeting was also briefed about the development on the Mohmand Economic Zone and was informed that 106 plots of different categories out of a total of 290 had already been allotted in the zone and that 132KV grid station and water supply network was available.
The board also discussed the proposal regarding the status of sole enterprise SEZ for the manufacturing of cement and allied building materials in Dera Ismail Khan and accorded approval for its submission to the federal Board of Investment for consent.
Mr Mahmood directed the authorities concerned to ensure visible progress on all economic zones projects and said it was among the top priorities of the government to provide job opportunities to the people by promoting industrial activities in the province.
He also ordered the leasing out of plots in Rashakai Special Economic Zone due to a restriction on their sale.
According to an official statement issued here, the board, which met with Chief Minister Mahmood Khan in the chair, also ordered the acquisition of an additional land of 2,000 acres and prepare feasibility study for the purpose.
The chief minister directed the relevant officials to accelerate the shifting of marble factories from Warsak Road, Malagori and Shabqadar to the Mohmand Marble City and ensure the early provision of facilities to investors in all economic zones of the province.
He issued directives for ensuring that investors start physical work within six months after the allotment of plots in economic zones and if they fail to do so, the allotment of plots is cancelled.
The meeting also approved standard operating procedures for SEZA for submission to the federal Board of Investment in Islamabad for final consent.
According to the statement, the meeting was informed that the federal BoI has approved the zone regulations for Rashakai SEZ, which have been made part of the already-signed development agreement.
Also, the special purpose vehicle of Rashakai Special Economic Zone has been registered with Security Exchange Commission of Pakistan.
The meeting was also briefed about the development on the Mohmand Economic Zone and was informed that 106 plots of different categories out of a total of 290 had already been allotted in the zone and that 132KV grid station and water supply network was available.
The board also discussed the proposal regarding the status of sole enterprise SEZ for the manufacturing of cement and allied building materials in Dera Ismail Khan and accorded approval for its submission to the federal Board of Investment for consent.
Mr Mahmood directed the authorities concerned to ensure visible progress on all economic zones projects and said it was among the top priorities of the government to provide job opportunities to the people by promoting industrial activities in the province.
He also ordered the leasing out of plots in Rashakai Special Economic Zone due to a restriction on their sale.
ghazi52
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NA passes Special Technology Zones Authority Bill: Zone developers to get 10-year tax holiday
Naveed Butt
18 Jul 2021
ISLAMABAD: The National Assembly Friday passed "The Special Technology Zones Authority Bill, 2021" to set up an authority to boost the domestic IT sector and attract foreign direct investment in the country by giving 10-year tax exemption to zone developers and enterprises.
The National Assembly also passed the "The Islamabad Capital Territory Senior Citizens Bill, 2021" to provide protection socially and economically to the senior citizens of Islamabad. Advisor to the Prime Minister on Parliamentary Affairs, Babar Awan tabled the two bills separately in the house for passage.
The House passed the bills with majority.
According to clause 21 of "The Special Technology Zones Authority Bill, 2021", "Exemptions and Incentives for zone enterprises:-
The following shall be the incentives for the zone enterprises from the date of issuance of license for a period of ten years, namely:-
(a) Exemption from all taxes under the Income Tax Ordinance, 2001 including tm on profits and gains, income tax, turnover tax, withholding tax, capital gains tax, income tax on dividend income and withholding tax on dividend;
(b) Exemption from sales tax under the Sales Tax Act, 1990;
(c) Exemption from Customs Duty under the Customs Act 1969 on the import in Pakistan from all Capital Goods including but not limited to materials, plant machinery, hardware, equipment and software, devices, instruments, accessories, attachments, building materials, materials and any other equipment required to perform functions of the zone enterprises, whether or not manufactured locally, for use in zones;
(d) Exemption from property tax;
(e) Tax exemption on dividend income and capital gains of any venture capital fund (whether local or foreign) derived from investments in the zone enterprises; and
(f) permission for opening and maintaining of foreign currency accounts, availability of foreign exchange, full convertibility to foreign currency and repatriation and free transfer of foreign currency to meet the requirements of investors, lenders, contractors, operators, consultants, insurers, re-insurers, vendors and advisors in relation to any compensation amounts, loan repayments, equity and return on equity, profits, works, goods and services in accordance with the foreign exchange regulations of the State Bank of Pakistan for zones."
According to clause 20 of the bill; Exemptions and Incentives for the Authority and for the zone developers.- (l ) The following shall be the incentives for the Authority and zone developers from the date of signing of the Development Agreement, for a period of ten years namely:-
(a) Exemption from all taxes under the Income Tax Ordinance, 2001 including tax on profits and gains, income tax, turnover tax, withholding tax, capital gains tax, income tax on dividend income and withholding tax on dividend;
(b) Exemption from sales tax under the Sales Tax Act, 1990;
(c) Exemption from Customs Duty under the Customs Act 1969 on the import in Pakistan of all Capital Goods including but not limited to materials plant, machinery, hardware, equipment and software, devices, instruments, accessories, attachments, building materials, materials and any other equipment required to perform functions of the Authority, zones and zone developers, whether or not manufactured locally, for use in zones;
(d) Exemption from property tax; (e) Exemption on dividend income and capital gains of any venture capital fund (whether local or foreign) derived from investments in the zone developers; and
(f) permission for opening and maintaining of foreign currency accounts, availability of foreign exchange, full convertibility to foreign currency and repatriation and free transfer of foreign currency to meet the requirements of investors, lenders, contractors, operators, consultants, insurers, re-insurers, vendors and advisors in relation to any compensation amounts, loan repayments, equity and return on equity, profits, works, goods and services in accordance with the foreign exchange regulations of the State Bank of Pakistan for zones.
According to object and reasons of "The Islamabad Capital Territory Senior Citizens Bill, 2021", "It is the duty of the State to provide protection, either directly or by means of institutions established to provide financial assistance to senior citizens."
"Every person has the inherent right to a healthy and comfortable home, healthy diet, adequate clothing, care of physical and moral health, as well as right to means of recreation, work' stability and respect."
"This Bill aims to socially and economically protect the senior citizens of Islamabad. In this respect it aims to establish a Fund for these senior citizens as well as build and maintain old-age homes for the indigent senior citizens. It also creates a Council, including members from all relevant departments of the Government that shall ensure that all possible steps and acts are taken to provide for the well-being, comfort and dignity of these senior citizens."
The Special Technology Zones Authority Bill, 2021 gives incentives to the technology zone developers.
The developers would be exempt from all customs duties and taxes for a period of 10 years from the date of signing of a development agreement on capital goods, including but not limited to materials, plant, machinery, hardware, equipment and software, imported into Pakistan for consumption within zones by the authority and zone developers.
It would also give tax exemption to zone enterprises.
The legislation would also provide facility of exemption from all customs duties and taxes on capital goods for a period of 10 years from the date of issuance of licence by the authority.
According to object and reasons of the bill, to provide institutional and legislative support for national technology sector with internationally competitive and export-oriented structures and ecosystem, in addition to developing collaboration between academia, research and technology industry.
This would help in creating jobs in the technology sector, capitalising on our youth dividend.
Creation of the Authority will also build an environment, which would attract foreign direct investment, apart from improved quality of domestic technology products and services and fostering innovation.
This would help create jobs in the technology sector and capitalise on youth dividend.
The creation of the authority would also provide an environment, which would attract foreign direct investment, apart from improving the quality of domestic technology products and services, and fostering innovation.
According to object and reasons of "The Islamabad Capital Territory Senior Citizens Bill, 2021", "It is the duty of the State to provide protection, either directly or by means of institutions established to provide financial assistance to senior citizens."
"Every person has the inherent right to a healthy and comfortable home, healthy diet, adequate clothing, care of physical and moral health, as well as right to means of recreation, work' stability and respect."
"This Bill aims to socially and economically protect the senior citizens of Islamabad. In this respect it aims to establish a Fund for these senior citizens as well as build and maintain old-age homes for the indigent senior citizens. It also creates a Council, including members from all relevant departments of the Government that shall ensure that all possible steps and acts are taken to provide for the well-being, comfort and dignity of these senior citizens."
Copyright Business Recorder, 2021
Naveed Butt
18 Jul 2021
ISLAMABAD: The National Assembly Friday passed "The Special Technology Zones Authority Bill, 2021" to set up an authority to boost the domestic IT sector and attract foreign direct investment in the country by giving 10-year tax exemption to zone developers and enterprises.
The National Assembly also passed the "The Islamabad Capital Territory Senior Citizens Bill, 2021" to provide protection socially and economically to the senior citizens of Islamabad. Advisor to the Prime Minister on Parliamentary Affairs, Babar Awan tabled the two bills separately in the house for passage.
The House passed the bills with majority.
According to clause 21 of "The Special Technology Zones Authority Bill, 2021", "Exemptions and Incentives for zone enterprises:-
The following shall be the incentives for the zone enterprises from the date of issuance of license for a period of ten years, namely:-
(a) Exemption from all taxes under the Income Tax Ordinance, 2001 including tm on profits and gains, income tax, turnover tax, withholding tax, capital gains tax, income tax on dividend income and withholding tax on dividend;
(b) Exemption from sales tax under the Sales Tax Act, 1990;
(c) Exemption from Customs Duty under the Customs Act 1969 on the import in Pakistan from all Capital Goods including but not limited to materials, plant machinery, hardware, equipment and software, devices, instruments, accessories, attachments, building materials, materials and any other equipment required to perform functions of the zone enterprises, whether or not manufactured locally, for use in zones;
(d) Exemption from property tax;
(e) Tax exemption on dividend income and capital gains of any venture capital fund (whether local or foreign) derived from investments in the zone enterprises; and
(f) permission for opening and maintaining of foreign currency accounts, availability of foreign exchange, full convertibility to foreign currency and repatriation and free transfer of foreign currency to meet the requirements of investors, lenders, contractors, operators, consultants, insurers, re-insurers, vendors and advisors in relation to any compensation amounts, loan repayments, equity and return on equity, profits, works, goods and services in accordance with the foreign exchange regulations of the State Bank of Pakistan for zones."
According to clause 20 of the bill; Exemptions and Incentives for the Authority and for the zone developers.- (l ) The following shall be the incentives for the Authority and zone developers from the date of signing of the Development Agreement, for a period of ten years namely:-
(a) Exemption from all taxes under the Income Tax Ordinance, 2001 including tax on profits and gains, income tax, turnover tax, withholding tax, capital gains tax, income tax on dividend income and withholding tax on dividend;
(b) Exemption from sales tax under the Sales Tax Act, 1990;
(c) Exemption from Customs Duty under the Customs Act 1969 on the import in Pakistan of all Capital Goods including but not limited to materials plant, machinery, hardware, equipment and software, devices, instruments, accessories, attachments, building materials, materials and any other equipment required to perform functions of the Authority, zones and zone developers, whether or not manufactured locally, for use in zones;
(d) Exemption from property tax; (e) Exemption on dividend income and capital gains of any venture capital fund (whether local or foreign) derived from investments in the zone developers; and
(f) permission for opening and maintaining of foreign currency accounts, availability of foreign exchange, full convertibility to foreign currency and repatriation and free transfer of foreign currency to meet the requirements of investors, lenders, contractors, operators, consultants, insurers, re-insurers, vendors and advisors in relation to any compensation amounts, loan repayments, equity and return on equity, profits, works, goods and services in accordance with the foreign exchange regulations of the State Bank of Pakistan for zones.
According to object and reasons of "The Islamabad Capital Territory Senior Citizens Bill, 2021", "It is the duty of the State to provide protection, either directly or by means of institutions established to provide financial assistance to senior citizens."
"Every person has the inherent right to a healthy and comfortable home, healthy diet, adequate clothing, care of physical and moral health, as well as right to means of recreation, work' stability and respect."
"This Bill aims to socially and economically protect the senior citizens of Islamabad. In this respect it aims to establish a Fund for these senior citizens as well as build and maintain old-age homes for the indigent senior citizens. It also creates a Council, including members from all relevant departments of the Government that shall ensure that all possible steps and acts are taken to provide for the well-being, comfort and dignity of these senior citizens."
The Special Technology Zones Authority Bill, 2021 gives incentives to the technology zone developers.
The developers would be exempt from all customs duties and taxes for a period of 10 years from the date of signing of a development agreement on capital goods, including but not limited to materials, plant, machinery, hardware, equipment and software, imported into Pakistan for consumption within zones by the authority and zone developers.
It would also give tax exemption to zone enterprises.
The legislation would also provide facility of exemption from all customs duties and taxes on capital goods for a period of 10 years from the date of issuance of licence by the authority.
According to object and reasons of the bill, to provide institutional and legislative support for national technology sector with internationally competitive and export-oriented structures and ecosystem, in addition to developing collaboration between academia, research and technology industry.
This would help in creating jobs in the technology sector, capitalising on our youth dividend.
Creation of the Authority will also build an environment, which would attract foreign direct investment, apart from improved quality of domestic technology products and services and fostering innovation.
This would help create jobs in the technology sector and capitalise on youth dividend.
The creation of the authority would also provide an environment, which would attract foreign direct investment, apart from improving the quality of domestic technology products and services, and fostering innovation.
According to object and reasons of "The Islamabad Capital Territory Senior Citizens Bill, 2021", "It is the duty of the State to provide protection, either directly or by means of institutions established to provide financial assistance to senior citizens."
"Every person has the inherent right to a healthy and comfortable home, healthy diet, adequate clothing, care of physical and moral health, as well as right to means of recreation, work' stability and respect."
"This Bill aims to socially and economically protect the senior citizens of Islamabad. In this respect it aims to establish a Fund for these senior citizens as well as build and maintain old-age homes for the indigent senior citizens. It also creates a Council, including members from all relevant departments of the Government that shall ensure that all possible steps and acts are taken to provide for the well-being, comfort and dignity of these senior citizens."
Copyright Business Recorder, 2021
ghazi52
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Special technology zones
Prime Minister Khan called for paying equal attention towards setting up of special technology zones in Balochistan and Azad Jammu and Kashmir, besides major cities that were already ahead of the curve in establishing such STZs. He observed that increased number of STZs with all needed ecosystem would go a long way in facilitating tech businesses to thrive in the country.
The prime minister stated this while presiding over a meeting held to review the progress made towards streamlining business processes, especially in priority sectors, including small and medium enterprises (SMEs), and establishment of STZs in the country.
PM Khan appreciated the progress made so far by different departments of the federal and provincial governments towards improving the ease of doing business along with steps, including easy and fast registration of companies and online approvals through a fast track system. He directed the relevant authorities to expedite work on the remaining identified steps in that regard.
The prime minister expressed satisfaction over the efforts being made to reform the tax system and directed that maximum facilitation of the business community be ensured.
The prime minister said the proposal for levying a fixed tax on goods at an affordable rate might also be considered in consultation with all stakeholders, besides introduction of international standards rating regime to ensure quality control.
He commended the Special Technology Zones Authority’s efforts to attract big tech companies like Huawei and Samsung along with top boot camps to start operations in Pakistan. It would not only offer lot of training opportunities to talented Pakistani IT professionals but also lend them rewarding employment opportunities, the prime minister maintained.
Prime Minister Khan called for paying equal attention towards setting up of special technology zones in Balochistan and Azad Jammu and Kashmir, besides major cities that were already ahead of the curve in establishing such STZs. He observed that increased number of STZs with all needed ecosystem would go a long way in facilitating tech businesses to thrive in the country.
The prime minister stated this while presiding over a meeting held to review the progress made towards streamlining business processes, especially in priority sectors, including small and medium enterprises (SMEs), and establishment of STZs in the country.
PM Khan appreciated the progress made so far by different departments of the federal and provincial governments towards improving the ease of doing business along with steps, including easy and fast registration of companies and online approvals through a fast track system. He directed the relevant authorities to expedite work on the remaining identified steps in that regard.
The prime minister expressed satisfaction over the efforts being made to reform the tax system and directed that maximum facilitation of the business community be ensured.
The prime minister said the proposal for levying a fixed tax on goods at an affordable rate might also be considered in consultation with all stakeholders, besides introduction of international standards rating regime to ensure quality control.
He commended the Special Technology Zones Authority’s efforts to attract big tech companies like Huawei and Samsung along with top boot camps to start operations in Pakistan. It would not only offer lot of training opportunities to talented Pakistani IT professionals but also lend them rewarding employment opportunities, the prime minister maintained.
ghazi52
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Century Steel Pvt. Ltd to invest USD 360MN in Rashakai SEZ
August 5, 2021
ISLAMABAD: Century Steel (Pvt) Ltd, a Chinese company will invest $360 million in the Rashakai Special Economic Zone in Khyber Pakhtunkhwa under the China-Pakistan Economic Corridor (CPEC).
CPEC Project Director Dr Liaquat Ali Shah said this, while talking to Business Recorder on Wednesday.
He said that all the utility facilities including electricity, gas, water, and others for Rashakai Special Economic Zone would be completed at the end of this year.
He said that in the first phase, Chinese iron and steel conglomerate has become the first foreign enterprise to establish its plant in the Rashakai Special Economic Zone under the CPEC with a planned investment of $50 million.
He said that industrial relocation to Pakistan under the CPEC is our policy and other foreign companies are ready to invest in Pakistan.
The CPEC project director said that 40 acres land has been allocated to Century Steel Ltd owned by Fuzhou Julitaihe International Company of China in Rashakai Special Economic Zone, which owns steel mills in Indonesia, Myanmar, Cambodia, and Ethiopia with a net capacity of 3,000 million tonnes of iron and steel products.
He said that the Rashakai SEZ comes under the CPEC umbrella and is the first industrial cooperation project between China and Pakistan.
He said that the 1,000-acre zone will create 200,000 direct and indirect jobs and is expected to attract Rs347 billion investment.
According to a statement of the Board of Investment (BoI), having the capacity to produce 0.25 million tonnes of steel products per annum at the proposed plant in Rashakai, the project will consume 45MW of electricity and create job opportunities for 1,000 employees directly or indirectly.
The BoI said 10MW of electricity at the economic zone had already been arranged through 11kV feeder, while work was in progress on the 160MW, 132 kV grid station.
Due to its location on the motorway and proximity to the Torkham border and Central Asia, the Rashakai SEZ is expected to be the game-changer for Khyber-Pakhtunkhwa.
Answering a question, CPEC Project Director Dr Liaquat Ali Shah said that the first phase of Allama Iqbal Industrial City, Faisalabad Special Economic Zone (SEZ) of Punjab under the CPEC has been completed.
He said that development work on Dhabeji Special Economic Zone (DSEZ) in Thatta and Bostan Industrial Zone situated at district Pishin Balochistan is continuing and all utility facilities (gas, electricity, water, access road, security etc) would be completed at the end of this year.
Answering another question about agriculture sector, Dr Shah said that we are focusing on development work on two sectors, first industrial sector and second is the agriculture sector.
He said that we have signed a memorandum of understanding (MoU) with China on agriculture sector.
“We have prepared an Action Plan on agriculture sector and shared it with the Chinese government. We will discuss the Action Plan in the next Joint Coordination Committee (JCC) meeting, which is expected in this month (August),” the CPEC project director said.
August 5, 2021
ISLAMABAD: Century Steel (Pvt) Ltd, a Chinese company will invest $360 million in the Rashakai Special Economic Zone in Khyber Pakhtunkhwa under the China-Pakistan Economic Corridor (CPEC).
CPEC Project Director Dr Liaquat Ali Shah said this, while talking to Business Recorder on Wednesday.
He said that all the utility facilities including electricity, gas, water, and others for Rashakai Special Economic Zone would be completed at the end of this year.
He said that in the first phase, Chinese iron and steel conglomerate has become the first foreign enterprise to establish its plant in the Rashakai Special Economic Zone under the CPEC with a planned investment of $50 million.
He said that industrial relocation to Pakistan under the CPEC is our policy and other foreign companies are ready to invest in Pakistan.
The CPEC project director said that 40 acres land has been allocated to Century Steel Ltd owned by Fuzhou Julitaihe International Company of China in Rashakai Special Economic Zone, which owns steel mills in Indonesia, Myanmar, Cambodia, and Ethiopia with a net capacity of 3,000 million tonnes of iron and steel products.
He said that the Rashakai SEZ comes under the CPEC umbrella and is the first industrial cooperation project between China and Pakistan.
He said that the 1,000-acre zone will create 200,000 direct and indirect jobs and is expected to attract Rs347 billion investment.
According to a statement of the Board of Investment (BoI), having the capacity to produce 0.25 million tonnes of steel products per annum at the proposed plant in Rashakai, the project will consume 45MW of electricity and create job opportunities for 1,000 employees directly or indirectly.
The BoI said 10MW of electricity at the economic zone had already been arranged through 11kV feeder, while work was in progress on the 160MW, 132 kV grid station.
Due to its location on the motorway and proximity to the Torkham border and Central Asia, the Rashakai SEZ is expected to be the game-changer for Khyber-Pakhtunkhwa.
Answering a question, CPEC Project Director Dr Liaquat Ali Shah said that the first phase of Allama Iqbal Industrial City, Faisalabad Special Economic Zone (SEZ) of Punjab under the CPEC has been completed.
He said that development work on Dhabeji Special Economic Zone (DSEZ) in Thatta and Bostan Industrial Zone situated at district Pishin Balochistan is continuing and all utility facilities (gas, electricity, water, access road, security etc) would be completed at the end of this year.
Answering another question about agriculture sector, Dr Shah said that we are focusing on development work on two sectors, first industrial sector and second is the agriculture sector.
He said that we have signed a memorandum of understanding (MoU) with China on agriculture sector.
“We have prepared an Action Plan on agriculture sector and shared it with the Chinese government. We will discuss the Action Plan in the next Joint Coordination Committee (JCC) meeting, which is expected in this month (August),” the CPEC project director said.
ghazi52
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PM for taking all measures to facilitate Chinese investors in SEZs
Mon, 11 Oct 2021,
ISLAMABAD, Oct 11 (APP).......: Prime Minister Imran Khan on Monday directed the authorities concerned to take all possible measures to provide land; electricity and gas connections; and tax incentives to attract more and more Chinese companies to invest in Pakistan and populate the Special Economic Zones (SEZs).
“Pakistan needs investment to accelerate industrialization,” the Prime Minister said while chairing a meeting on facilitating the Chinese investors in SEZs.
“It is critical to create maximum employment opportunities for our growing population, 65% of which is under the age of 35”, he added.
Earlier, the Prime Minister was briefed that out of the total of 27 SEZs in the country, work on five SEZs including Dhabeji in Sindh, Rashakai in KPK, Bostan in Balochistan, Allama Iqbal Industrial City in Punjab, and Gwadar in Balochistan was in full swing.
An effective one window operation facility was being set up at each of these SEZs along with a Facilitation Center at China Pakistan Economic Corridor (CPEC) Authority to resolve all issues of the potential Chinese investors under one roof, he was told.
The meeting was attended by Chinese Ambassador to Pakistan Nong Rong, Federal Ministers Shaukat Tarin, Makhdoom Khusro Bakhtiar, Asad Umar, Muhammad Hammad Azhar, Advisor on Commerce Abdul Razzak Dawood, Special Assistant to PM on CPEC Affairs Khalid Mansoor and senior officers concerned.
Mon, 11 Oct 2021,
ISLAMABAD, Oct 11 (APP).......: Prime Minister Imran Khan on Monday directed the authorities concerned to take all possible measures to provide land; electricity and gas connections; and tax incentives to attract more and more Chinese companies to invest in Pakistan and populate the Special Economic Zones (SEZs).
“Pakistan needs investment to accelerate industrialization,” the Prime Minister said while chairing a meeting on facilitating the Chinese investors in SEZs.
“It is critical to create maximum employment opportunities for our growing population, 65% of which is under the age of 35”, he added.
Earlier, the Prime Minister was briefed that out of the total of 27 SEZs in the country, work on five SEZs including Dhabeji in Sindh, Rashakai in KPK, Bostan in Balochistan, Allama Iqbal Industrial City in Punjab, and Gwadar in Balochistan was in full swing.
An effective one window operation facility was being set up at each of these SEZs along with a Facilitation Center at China Pakistan Economic Corridor (CPEC) Authority to resolve all issues of the potential Chinese investors under one roof, he was told.
The meeting was attended by Chinese Ambassador to Pakistan Nong Rong, Federal Ministers Shaukat Tarin, Makhdoom Khusro Bakhtiar, Asad Umar, Muhammad Hammad Azhar, Advisor on Commerce Abdul Razzak Dawood, Special Assistant to PM on CPEC Affairs Khalid Mansoor and senior officers concerned.
ghazi52
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Since its launch, National Science & Technology Park's mission has been promoting research and innovation by facilitating collaboration amongst its quadruple helix stakeholders. But everything changed when COVID-19 struck just 4 months after the park’s launch.
Tapping into global knowledge through its network of international associations and partners helped the new park to come up with collaborative solutions, which ensured that NSTP not only overcame challenges but was able to register number of outstanding achievements.
For the first time in history of Pakistan, NSTP was able to secure Hi-tech Special Economic Zone (SEZ) status on October 7, 2020. This landmark accomplishment will benefit national and international hi-tech businesses as well as SMEs, accelerating the country’s transition into a thriving knowledge economy. It will incentivize the establishment of high tech SMEs and innovation centres and new industries by giving tax holiday and tax free operations.
Tapping into global knowledge through its network of international associations and partners helped the new park to come up with collaborative solutions, which ensured that NSTP not only overcame challenges but was able to register number of outstanding achievements.
For the first time in history of Pakistan, NSTP was able to secure Hi-tech Special Economic Zone (SEZ) status on October 7, 2020. This landmark accomplishment will benefit national and international hi-tech businesses as well as SMEs, accelerating the country’s transition into a thriving knowledge economy. It will incentivize the establishment of high tech SMEs and innovation centres and new industries by giving tax holiday and tax free operations.
ghazi52
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Govt approves SME policy to strengthen industrial, manufacturing base in country
Rs30b rupees has been allocated for SMEA for a period of five years, says Production Minister Khusro Bakhtiar
News Desk
December 15, 2021
PHOTO: RP
The federal government on Wednesday approved a comprehensive Small and Medium Enterprises (SMEs) policy to strengthen the country's industrial and manufacturing base.
The announcement was made by Minister for Industries and Production Khusro Bakhtiar, flanked by Minister for Information and Broadcasting Fawad Chaudhary during a press conference in Islamabad.
"The policy is aimed at extending facilitation and incentives to promote the growth of small and medium enterprises," the production minister shared whilst sharing the details.
He added that under the policy, the requirement of NOC for the establishment or expansion of certain industries had been removed.
"Under the SME policy, 'Aasan Finance Scheme' is being introduced to ensure access of capital to the industries," he said. "Loan up to Rs10m will be provided without any collateral for the establishment of thirty thousand new businesses. Land of 4,200 acres has been allocated which will be provided to the entrepreneurs on easy instalments."
Bakhtiar further added that under the SME policy, productive businesses would be given 57 per cent to 83 per cent special exemptions in taxes whereas special exemptions in taxes would be given to female entrepreneurs in order to ensure their greater participation in businesses.
"An amount of Rs30b rupees has been allocated for Small and Medium Enterprises Authority for a period of five years.
He said a proper mechanism has also been established for the implementation of the SME policy.
Information Minister Fawad said it was important to strengthen the country's industrial base to steer it out of economic woes.
"The SME policy has been prepared in consultations with the stakeholders," he added.
Rs30b rupees has been allocated for SMEA for a period of five years, says Production Minister Khusro Bakhtiar
News Desk
December 15, 2021
PHOTO: RP
The federal government on Wednesday approved a comprehensive Small and Medium Enterprises (SMEs) policy to strengthen the country's industrial and manufacturing base.
The announcement was made by Minister for Industries and Production Khusro Bakhtiar, flanked by Minister for Information and Broadcasting Fawad Chaudhary during a press conference in Islamabad.
"The policy is aimed at extending facilitation and incentives to promote the growth of small and medium enterprises," the production minister shared whilst sharing the details.
He added that under the policy, the requirement of NOC for the establishment or expansion of certain industries had been removed.
"Under the SME policy, 'Aasan Finance Scheme' is being introduced to ensure access of capital to the industries," he said. "Loan up to Rs10m will be provided without any collateral for the establishment of thirty thousand new businesses. Land of 4,200 acres has been allocated which will be provided to the entrepreneurs on easy instalments."
Bakhtiar further added that under the SME policy, productive businesses would be given 57 per cent to 83 per cent special exemptions in taxes whereas special exemptions in taxes would be given to female entrepreneurs in order to ensure their greater participation in businesses.
"An amount of Rs30b rupees has been allocated for Small and Medium Enterprises Authority for a period of five years.
He said a proper mechanism has also been established for the implementation of the SME policy.
Information Minister Fawad said it was important to strengthen the country's industrial base to steer it out of economic woes.
"The SME policy has been prepared in consultations with the stakeholders," he added.
ghazi52
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Rashakai Special Economic Zone will generate over 250,000 direct and indirect jobs. Construction work in reception center, complex building, internal road, boundary wall, drain and other areas is now progressing swiftly. KPK..
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PESHAWAR, April 24. (Gwadar Pro)-The fourth Special Economic Zone (SEZ) Committee on Monday awarded the status of special zone enterprise to six companies at Rashakai Special Economic Zone (RSEZ), a flagship project of China-Pakistan Economic Corridor (CPEC).
According to an official statement, six companies that were awarded the status of special zone enterprise are “now the recipients of industrial plots at RSEZ”, adding a collective investment of PKR 3.6 billion is expected to come, leasing out 21 acres of land. The SEZ committee has till date approved 15 enterprises leasing out 60 acres of land with an investment of PKR 70 billion.
RSEZ, also known as Rashakai prioritized SEZ, has progressed significantly in development during the last few months.
RSEZ is located at an ideal place, which is the confluence of five major districts of KP, and is reachable via a network of roads, motorways and railways.
The Government of KP and KPEZDMC, and China Road and Bridge Corporation (CRBC) are developing RSEZ, which is spread over an area of approximately 1,000 acres of land. RSEZ is expected to provide 200,000 direct and indirect employment opportunities to the locals.
Meanwhile, Minister of State of Foreign Affairs Hina Rabbani Khar during a meeting on Monday told Deputy Chief of Mission of the Chinese Embassy Ms. Pang Chunxue that Pakistan desired a “fresh momentum in high quality development of CPEC” and she welcomed “enhanced Chinese investments in CPEC’s SEZs”.
Six companies awarded SZ Enterprise status at Rashakai SEZ, KPK..
April 27, 2022PESHAWAR, April 24. (Gwadar Pro)-The fourth Special Economic Zone (SEZ) Committee on Monday awarded the status of special zone enterprise to six companies at Rashakai Special Economic Zone (RSEZ), a flagship project of China-Pakistan Economic Corridor (CPEC).
According to an official statement, six companies that were awarded the status of special zone enterprise are “now the recipients of industrial plots at RSEZ”, adding a collective investment of PKR 3.6 billion is expected to come, leasing out 21 acres of land. The SEZ committee has till date approved 15 enterprises leasing out 60 acres of land with an investment of PKR 70 billion.
RSEZ, also known as Rashakai prioritized SEZ, has progressed significantly in development during the last few months.
RSEZ is located at an ideal place, which is the confluence of five major districts of KP, and is reachable via a network of roads, motorways and railways.
The Government of KP and KPEZDMC, and China Road and Bridge Corporation (CRBC) are developing RSEZ, which is spread over an area of approximately 1,000 acres of land. RSEZ is expected to provide 200,000 direct and indirect employment opportunities to the locals.
Meanwhile, Minister of State of Foreign Affairs Hina Rabbani Khar during a meeting on Monday told Deputy Chief of Mission of the Chinese Embassy Ms. Pang Chunxue that Pakistan desired a “fresh momentum in high quality development of CPEC” and she welcomed “enhanced Chinese investments in CPEC’s SEZs”.
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