70 Enterprises Get Active Status in SEZs
According to the State Bank’s study on SEZs in Pakistan, the Special Economic Zone Management Information System (SEZMIS) made it easier for the Board of Approvals (BOA) to grant the active zone status to 70 firms as opposed to 200 in the previous eight years.
According to the most recent regulations, prospective zone enterprises must submit an online application to the developer in order to purchase land, and they must also apply for zone enterprise status through SEZMIS, which is run by the Board of Investment (BoI), according to a report by Dawn on Friday.
Foreign direct investment (FDI) pledges for the previous eight years totaled $1,081.7 million, but in the first five months (January–May 2021) of SEZMIS’s inception, FDI commitments increased to $646.6 million.
But according to the report, the State Bank examined Pakistan’s existing SEZ scenario in light of regional and global trends.
According to the current SEZ framework, unless specifically exempted, relaxed, or otherwise provided in the SEZ Act, all SEZ authorities, organizations, and persons engaged in the creation, development, operations, and management of a SEZ are required to adhere to the applicable laws and standards of Pakistan, including those relating to the environment, employment, procurement, and building code.
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