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Incentivizing industrialization in SEZs top priority: PM
February 10, 2022

Prime Minister Imran Khan says incentivizing rapid industrialisation through massive investment in Special Economic Zones is top priority of the government.

He was chairing a meeting on SEZs Facilitation Model and Regulatory Guillotine for Small and Medium Enterprises (SMEs) under PM's Priority Sector Progress Review in Islamabad on Thursday.

The Prime Minister said the government is focused on attracting maximum foreign direct investment in the country.

Earlier the Prime Minister was apprised that 112 out of 167 reforms identified by Board of Investment have been implemented to ensure ease of doing business for all potential investors in SEZs. The remaining 55 reforms will also clear necessary regulatory approvals within a month.

The Prime Minister directed all the regulatory authorities to streamline their respective regulatory frameworks to enable the investors get their issues resolved under one roof in the shortest possible time. He also directed them to facilitate the growth of Small and Medium Enterprises Sector in the country which contributes around 25 percent in the country's total exports. He directed the relevant authorities to immediately resolve all pending issues of the SME sector related to export refinancing facility, payment of Duty Drawback on Local Taxes and Levies, and financing from banks to address their liquidity crunch.

He also instructed them to notify five-Year export policies for all major sectors, especially the textile and SME in order to lend certainty to the exporters.

The Prime Minister was briefed that the board of Small and Medium Enterprises Development Authority is being revamped along with the creation of 30 Billion rupees' SMEDA Fund for the promotion of this important sector.