LAHORE:The Punjab Special Economic Zones Authority (SEZA) on Wednesday approved the proposed expansion of three major industrial zones, signalling fresh momentum in the province’s industrial development drive.
The 11th meeting of SEZA was chaired by Provincial Minister for Industries and Commerce Chaudhry Shafay Hussain at the Punjab Board of Investment and Trade (PBIT). The authority reviewed a 10-point agenda focusing on expansion plans, investor facilitation and regulatory matters.
The meeting approved the expansion of M-3 Industrial City, Smart Special Economic Zone, and United Business Park Special Economic Zone. The proposals will now be forwarded to the Board of Investment in Islamabad for final clearance. Separately, the case for granting SEZ Enterprise status to Ayan Energy in M-3 Industrial City was referred to a SEZA subcommittee. The panel will examine the proposal in detail and submit its recommendations to the authority. Addressing the meeting, Chaudhry Shafay Hussain described Special Economic Zones as ‘engines of economic growth,’ offering strong incentives for both local and foreign investors. He noted that businesses operating in SEZs are entitled to a 10-year income tax exemption along with a one-time duty-free import facility for machinery.
He said industrial activity in these zones is expanding rapidly, backed by modern infrastructure and on-site facilities, including bank branches aimed at easing financial transactions for investors. ‘The rising demand from industrialists has made the expansion of certain SEZs unavoidable,’ the minister remarked. Shafay Hussain added that Punjab’s industrialisation strategy has gained pace in recent years, with new factories translating into increased employment opportunities. He also reminded stakeholders that under existing policy, industrial units must be established within two years of plot allotment, failing which the allotment stands cancelled.
