Pakistan to optimize special economic zones to rejuvenate industrial landscape

ISLAMABAD: Pakistan has decided to optimize special economic zones (SEZs) to revitalize its industrial landscape, Prime Minister Shehbaz Sharif’s office said on Thursday, amid efforts to revive the $350 billion South Asian economy.
The decision was made at a meeting of the apex committee of the Special Investment Facilitation Council (SIFC), a hybrid civil-military body established last year to eliminate bureaucratic hurdles in foreign investment and provide a one-window operation to foreign businesses.
The development came two days after Pakistan unveiled its five-year, homegrown National Economic Plan, which aims to target an annual investment goal of $10 billion as the South Asian country seeks to recover from a prolonged macroeconomic crisis.
PM Sharif presided over the SIFC meeting to review various economic initiatives, during which the participants expressed satisfaction over improving macroeconomic conditions and emphasized the importance of collective efforts for unhindered economic growth.
“During the session, the Committee approved the Action Plan for Optimization of SEZs to rejuvenate industrial landscape of Pakistan,” PM Sharif’s office said in a statement.
Pakistan plans to establish 35 special economic zones to facilitate businesses and industry, Board of Investment (BOI) officials said last month. They said they had conducted a survey of these SEZs under the Geographical Information System (GIS) and had extensive data to accelerate the progress of projects in these zones.
The South Asian country aims to attract foreign investment from friendly nations, including China and Gulf countries, as it gradually recovers from a prolonged economic crisis after narrowly avoiding a default in 2023.
The SIFC apex committee reviewed a proposal for minerals harmonization framework, while the forum was briefed on various initiatives in the domain of human resource development for the improvement of skills and global standard accreditation, according to the PM’s office.
“The prime minister appreciated the role of SIFC, ministries, departments and affiliated stakeholders in setting the tone for future activities during 2025,” it said.
“He also emphasized upon the importance of collective efforts at all tiers in the larger interest of the country.”