MINISTER for Privatisation and Investment Abdul Aleem Khan has said that Karachi Industrial Park will be declared a model special economic zone (SEZ), while one SEZ would be handed over to China on a trial basis as desired by the Prime Minister. Chairing a meeting of the focal group formed by the Prime Minister for industrial zones, he reviewed the progress of the development work of the special economic zones and problems being faced and measures to resolve them.
Special economic zones are rightly perceived as a vital means for progress and development as they help a country’s economy grow by attracting foreign investment, increasing exports and creating job opportunities. It was in this backdrop that the successive governments in Pakistan have been expressing their resolve to develop such zones and the plan to set up nine zones under the China-Pakistan Economic Corridor (CPEC) was widely hailed. However, the pace of implementation is disappointing despite willingness on the part of China to extend necessary support for the purpose and readiness of a large number of Chinese companies to set up industries in Pakistan. The idea to make Karachi Industrial Park a model special economic zone and hand over one SEZ to China on a trial basis has the potential to expedite the pace of implementation. China has a track record of delivering as per original timelines and managing things effectively and this could show a way forward for expeditious development of other zones as well. Karachi Industrial Park spreading over 1,500 acres is being developed on Pakistan Steel Mills land. There were, however, reports that the project might have to be abandoned due to IMF conditions but the decision of the Government to make it a model zone has cleared the mist. Industrialization is a key to economic progress and development and hopefully all SEZs as envisaged under the CPEC will be developed on priority basis with the active cooperation of provinces.
