Minister for Privatization and Investment, Abdul Aleem Khan, announced on Saturday that the Karachi Industrial Park will be declared a model special economic zone (SEZ). Additionally, one SEZ will be handed over to China on a trial basis as per the Prime Minister’s directives.
The Karachi Industrial Park is part of a broader initiative involving nine special economic zones being developed across the country under the China-Pakistan Economic Corridor (CPEC). The park, covering an expansive 1,500 acres, is being constructed on land previously owned by Pakistan Steel Mills.
During a meeting with the focal group established by the Prime Minister to oversee the progress of industrial zones nationwide, Aleem Khan emphasized the importance of special incentives for the success of these SEZs. He acknowledged the need to finalize various steps, including the trial handover to China.
“The potential of industrial zones to promote local industries is immense, yet they have been significantly neglected over the years, resulting in various challenges that require urgent attention,” said Aleem Khan. He directed the team to implement special incentives and facilities for the industrial zones, urging for a shift away from traditional practices to attract new industries.
The meeting included contributions from secretaries for energy, industry, and investment, along with other senior officials who provided updates on the current state of the industrial zones. It was decided that a comprehensive agenda would be discussed in the next meeting of the focal group, with the aim of approving critical decisions to accelerate development across all industrial zones in the country.
