KARACHI - Chairman Export Processing Zone Authority (EPZA) Saifuddin Junejo has urged the business community to take advantage of EPZA’s two new concepts of Private and Public Participated export processing zones. The concepts allow potential investors having the required capital and land to develop, maintain and operate private EPZs whereas Public Participated EPZs could also be developed and maintained by the developer but operated by EPZA, he informed to a meeting during his visit to the Karachi Chamber of Commerce and Industry (KCCI), said a statement issued here on Thursday. Delivering a presentation on “Private and Public Participated EPZs”, Chairman EPZA stated, “We have created this opportunity in line with Prime Minister’s vision to establish EPZs in all the cities which offer best incentives package.” EPZA has already started receiving several requests from local and foreign investors intending to establish EPZs which will be processed as per pre defined timeline, he said.
Underscoring the vital role of EPZs in export expansion he mentioned that a total of 9 EPZs were operational in Pakistan and contributing 3 to 4 % in exports. He hoped that the new concept for Private and Public Participated EPZs would encourage many potential investors to establish SEZs in any area of Pakistan. Saifuddin Junejo stressed the need of expansion of Karachi Export Processing Zone from its current area of 300 acres to the area of 3000 acres as per the original plan and said the present area is very small as compared to other such zones in the region.
Referring to free zone of Jabal-e-Ali in UAE he said that it spreads over 15,000 acres and its trading volume last year was recorded as US$104 billion. Director Investment Promotion EPZA Ghulam Mustafa Wahocho, informed that Private and Public Participated EPZs Rules 2023 have been framed and posted on EPZA’s website. Explaining the criteria for establishing Private and Public Participated EPZs, he informed that fifty acres of land in ownership or on lease basis for a period of 50 years extendable to further period of 50 to 99 years was one of the major requirements along with sufficient capital or capital plan and SECP’s registration for developing and operating EPZs.
“The developer and operator may transfer the title of land lease or ownership to the Authority along with all rights and privileges under agreement”, he added. He requested the Karachi Chamber to disseminate information about Private and Public Participated EPZs among its membership and potential investors so that they could avail this opportunity for investment and play role in increasing the exports from Pakistan.
Earlier, President KCCI Iftikhar Ahmed Sheikh, extended full support and cooperation to EPZA in its endeavors to improve the performance all processing zones particularly, Karachi EPZA where more facilities as per international standards need to be introduced. Senior Vice President Altaf A. Ghaffar, Vice President Tanveer Ahmed Barry, Chairman Exports Subcommittee Junaid ur Rehman, Former Vice President Asif Sheikh Jawed and KCCI Managing Committee Members were also present at the occasion.
