ISLAMABAD: Pakistan’s Caretaker Minister for Privatization, Fawad Hasan Fawad, on Saturday chaired the second meeting of the Working Group on the Development of Special Economic Zones, a branch of the Special Investment Facilitation Council (SIFC). The meeting discussed key recommendations aiming to streamline and enhance the management of economic, technology, and industrial zones in the country.
The working group proposed the establishment of a unified authority tasked with overseeing all categories of economic zones. This comprehensive approach is designed to facilitate investment and foster the growth of industries across the nation, according to an official press release.
A forthcoming working paper, based on the deliberations and recommendations of the working group, is slated to be presented to the SIFC executive committee during its next meeting. The proposals will shape the future strategy for the development and governance of special economic zones in Pakistan.
Representatives of key stakeholders at both the federal and provincial levels participated in the meeting. Participants highlighted the need for cohesive frameworks, emphasizing that the existing structures permit various types of special zones, each offering distinct incentives. This multiplicity, the group argued, is counterproductive to the overarching goal of industrialization.
The consensus among participants was that the optimal facilitation of investment could be achieved through the establishment of a unified authority, duly empowered by all stakeholders, dedicated to catering to the needs of investors. The working group also pointed out the existence of legal and constitutional provisions that facilitate cooperation and coordination between the federal government and its constituent units.
