With four Special Economic Zones (SEZs) in the works in Pakistan, it is expected that a total of 1.47 million jobs will be created as a result and that the country’s local industry will experience a significant boost that will propel it towards sustainable economic growth.
“The four SEZs including Rashakai M-1 Nowshera; Dhabeji Thatta; Allama Iqbal Industrial City Faisalabad and Bostan Balochistan would create around 475,000 direct and 1,000,000 indirect jobs all across the country,” a senior Board of Investment (BoI) official told APP on Monday, as reported by Global Village Space.
Talking to APP, the official said that these SEZs, which are part of China Pakistan Economic Corridor (CPEC), would promote overall industrial growth in the country, adding that development of these four zones was top priority of the government.
He was of the view that Pak-China industrial cooperation would make Pakistan a manufacturing hub in the region while the establishment of industrial zones would create vast investment opportunities for local industrialists.
The 1000-acre Rashakai Economic Zone has already attracted at more than 2,000 domestic and foreign investments in different sectors of the economy, hence promoting rapid industrialization.
He said that the zone would be developed in three phases and as per the plan 247 acres of land would be developed in the first phase, 355 acres in the second phase and 399 acres in the third phase.
Likewise, the federal government would provide 210 MW electricity to the zone in three phases while it had also earmarked Rs 1203 million for gas for this zone.
The zone will provide employment to 80% locals, he said adding that Rashakai has the potential to become a hub of economic activity.
Meanwhile, Adviser for Commerce and Investment Abdul Razak Dawood stressed that the Special Economic Zones (SEZs) were a milestone for economic and industrial development in Pakistan.
According to the Adviser, the Special Economic Zones would pave the way for foreign investment, setting a milestone in industrial modernization and diversification in the country.
He said that the government was prioritizing development of special economic zones (SEZs) for attracting foreign direct investment (FDI) and transfer of technology into the country.