LAHORE - A high level meeting of existing zones/industrial estates was held at Punjab Board of Investment & Trade (PBIT) to review issues pertaining to special economic zones (establishment and benefits) in light of the SEZ Rules, 2013. Representatives of Punjab Industrial Estates Development and Management Company (PIEDMC) and Faisalabad Industrial Estate Development and Management Company (FIEDMC), besides others, attended the meeting.

Vice Chairman PBIT, Nadeem Hasan Asif showcased the initiatives of establishment and regulation of SEZs to the existing zones/industrial estates in light of the recently approved SEZ Act, 2012. Under the Act, exemption from customs duties and taxes for all capital goods imported into Pakistan for the development, operations and maintenance of a SEZ; exemption from all taxes on income accruable in relation to the development and operations of the SEZ for a period of 10 years, starting from the date of signing of the development agreement will become affective for the investors.

A detailed briefing on the occasion covering various practical aspects of the legislation was also given which covered; implementation mechanism of the SEZ Law; attracting and facilitating the potential businesses for colonizing such estates for expanded business activity; the timeframe to initiate and process SEZ application and its eventual impact on employment generation.

General Manager Marketing PIEDMC Ijaz Azeem, Chairman FIEDMC Asim Khursheed, Director Punjab Small Industries Corporation (PSIC) Babar Nawaz and others attended the meeting.