Special Economic Zone Act 2012 – Aiming for Long Term Fdi
Special Economic Zone Act 2012 – Aiming for long term FDI
Majyd Aziz
“A Special Economic Zone (SEZ) is a geographical region that has economic and other laws that are more free-market-oriented than a country's typical or national laws."Nationwide" laws may be suspended inside a special economic zone. The category SEZ covers, including free trade zones (FTZ), export processing Zones (EPZ), free Zones (FZ), industrial parks or industrial estates (IE), free ports, free economic zones, urban enterprise zones and others. Usually the goal is to increase foreign direct investment, development of infrastructure and to increase employment.” – Wikipedia
On September 10, 2012, at an impressive ceremony at the Presidency, Pakistani President Asif Ali Zardari gave his consent to the Special Economic Zone Bill 2012. The journey from conception to signing took four long years but it was worth the wait. It all began when Pakistan Japan Business Forum, a bilateral Forum that I helped establish, floated the idea of a dedicated SEZ for the Japanese investors. The ball got rolling when Salim Mandviwalla, the energetic Chairman of Board of Investment embraced this idea and motivated his team to prepare an attractive SEZ package.
It was approved in 2008 by the Economic Coordination Committee of the Cabinet while the Federal Cabinet accorded approval in principle for initiation of legislation in 2010. The Council of Common Interests also discussed this bill due to introduction of 18th Amendment. CCI approved the bill in August 2011. The Senate accorded approval in January 2012 and National Assembly on July 13, 2012.
The Act would allow Developers and Zone Enterprises to plan and operate in an enabling environment that would include security, safety, availability of physical and social infrastructure, and access to all incentives, facilities, and rules of business. The central aspect of the Act is the formation of a high-powered Board of Approval with the Prime Minister as
Majyd Aziz
“A Special Economic Zone (SEZ) is a geographical region that has economic and other laws that are more free-market-oriented than a country's typical or national laws."Nationwide" laws may be suspended inside a special economic zone. The category SEZ covers, including free trade zones (FTZ), export processing Zones (EPZ), free Zones (FZ), industrial parks or industrial estates (IE), free ports, free economic zones, urban enterprise zones and others. Usually the goal is to increase foreign direct investment, development of infrastructure and to increase employment.” – Wikipedia
On September 10, 2012, at an impressive ceremony at the Presidency, Pakistani President Asif Ali Zardari gave his consent to the Special Economic Zone Bill 2012. The journey from conception to signing took four long years but it was worth the wait. It all began when Pakistan Japan Business Forum, a bilateral Forum that I helped establish, floated the idea of a dedicated SEZ for the Japanese investors. The ball got rolling when Salim Mandviwalla, the energetic Chairman of Board of Investment embraced this idea and motivated his team to prepare an attractive SEZ package.
It was approved in 2008 by the Economic Coordination Committee of the Cabinet while the Federal Cabinet accorded approval in principle for initiation of legislation in 2010. The Council of Common Interests also discussed this bill due to introduction of 18th Amendment. CCI approved the bill in August 2011. The Senate accorded approval in January 2012 and National Assembly on July 13, 2012.
The Act would allow Developers and Zone Enterprises to plan and operate in an enabling environment that would include security, safety, availability of physical and social infrastructure, and access to all incentives, facilities, and rules of business. The central aspect of the Act is the formation of a high-powered Board of Approval with the Prime Minister as