President to sign SEZs bill on 12th
ISLAMABAD, Aug 31: President Asif Zardari will sign the Special Economic Zones (SEZs) Bill at a ceremony in Islamabad on September 12.
The bill has already been passed by the parliament.According to BoI, the SEZs are expected to reduce rising cost of doing business and provide one-window facility to entrepreneurs.
The purpose is to improve efficiency and competitiveness of the industry by creating industrial clusters of big projects where government is committed to provide infrastructures at the door-step of SEZs.
The law will allow establishment of SEZ in the country over a minimum area of 50 acres.
Developers and entrepreneurs will get one-time exemption from customs duties and taxes for all capital goods imported into Pakistan for the development of SEZs.
A 10-year tax-holiday for both SEZ developers and entrepreneurs would be allowed under the law.
Overseas Pakistanis would also be encouraged in the development of SEZs, he said.
The Board of Investment would organise road-shows during October and November in the UK and US to attract foreign investment for Pakistan.
BoI Chairman Saleem H Mandviwalla told newsmen here on Friday that road-shows, to be held in Los Angeles, New York, Huston and Chicago, would be sponsored by US companies which are already operating in Pakistan.
In UK, road show would take place on Oct 4-5 while dates for road shows in the US are being finalised.
The road-shows in US are expected to attract mining companies.
The BoI chairman squashed all misconceptions that signing of BIT with the US would be against the national interest.