LCCI or­gan­ises seminar on "Spe­cial Eco­nomic Zones in Pak­istan"

The Pak Banker - - NATIONAL -

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.

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