FPCCI appreciates the SEZs Bill

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President, Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Senator Haji Ghulam Ali, appreciated the decision adopted by the Senate of Pakistan to pass the Special Economic Zones (SEZs) Bill, 2011, which will devise a policy framework for setting up SEZs and to attract domestic as well as foreign direct investment in the country. A statement issued here by FPCCI said that they also applaud the effort made by Board of Investment (BOI) for preparing a framework for the establishment of SEZs throughout the country and this is indeed a right direction for boosting investment level in the country for which BOI’s efforts are appreciable.
It was stated that this Bill is passed by the Senate at a very appropriate time when the country is facing drastic decline in foreign investment. He said that incentives announced for the developers and entrepreneurs that would get one-time exemption from customs duties and taxes for all capital goods imported into Pakistan for the development of SEZs along with ten-year tax holiday both for SEZs developers and enterprises would encourage Investors to invest in the country on one hand and on the other hand this decision would raise the confidence of the foreign Investors. They further stated that the effectiveness of the SEZs model in promoting exports have created new dimension in the global trade arena.
SEZs have played an important role in advancing economic reform in many emerging economies. A SEZ is a comprehensive laboratory in which fully fledged economic reforms can be piloted, while industrial parks are a supporting component of SEZs, but with an industrial focus. He said that FPCCI supported the SEZs Bill and FPCCI being apex body of trade and industry and the private arm of the Government will always favour such decisions for improving the investment environment of the country.