LCCI organises seminar on "Special Economic Zones in Pakistan"
Pakistan is in dire need of maximum Special Economic Zones to get rid of the economic challenges being faced by the country since decades as these Special Economic Zones will strengthen the industrial base, will put economy back on the rails besides protecting the national economy from global financial recessions and enable the government to utilize its resources at the targeted industrial areas.
This was upshot of the speeches delivered at a seminar on "Special Economic Zones" at the Lahore Chamber of Commerce & Industry on Monday. The seminar was jointly organized by the Lahore Chamber and Board of Investment. The LCCI President Ijaz A. Mumtaz, Senior Vice President Mian Nauman Kabir, Secretary Board of Investment Syed Iftikhar Hussain Babar, Chairman Punjab Board of Investment & Trade (PBIT) Abdul Basit, Additional Secretary BOI Raania Ahsan and spoke on the occasion and shared their experiences with the participants of the seminar.
The LCCI President Ijaz A. Mumtaz said that special economic zones are the urgent need of the hour. He said that Pakistan is losing the process of industrialization on consistent basis. "We have to take certain steps to divert investments to industrial sector. There is a dire need to have a specific industrial policy to encourage the private sector representatives to start vigorous industrialization. It will surely help to a great deal in generating employment opportunities, Ijaz A. Mumtaz said.
Secretary Board of Investment Syed Iftikhar Hussain Babar said that in differ- ent countries all over the world, Special Economic Zones have contributed towards national economies. He said that phenomenal growth has been recorded in China, India, Thailand and Malaysia because of Special Economic Zones.
Syed Iftikhar Hussain Babar said that Special Economic Zones are a must to make the country more business friendly. He said that SEZs in Pakistan would not only mainstreame marginalize/backward areas but would also create efficient and competitive industrial clusters.
Chairman Punjab Board of Investment & Trade (PBIT) Abdul Basit said that PBIT is easing the way for foreign and local investors looking to harness opportunities presented by Punjab's fast-growing domestic economy and robust competitive advantages as an export hub.