Board of Investment to set up Japan Special Economic Zone

Islamabad: The Board of Investment proposes to establish a new Japan Specific Special Economic Zone in Sindh Economic Zone with broad features, offering one million acres of government land in the proposed area to provide direct access to Port Qasim, enabling raw material import and export of finished products without incurring major inland transportation costs and other expenses.

This was stated by Board of Investment chairman, Saleem H. Mandviwalla, while talking to Japan’s Ambassador in Pakistan, Hiroshi Oe, who called on the BoI chairman on Tuesday to discuss issues concerning Japanese investors.

The BOI chairman informed the Japanese envoy that the federal government wants to construct a separate road worth Rs1.2 billion to facilitate investors with the support of Japan International Cooperation Agency (JICA) to link Karachi directly with the industrial area to ensure security to foreign investors.

He said that Yamaha is making an investment of $1.5 million in automobile sector in Pakistan and President Asif Ali Zardari during his visit to Japan had promised lucrative incentives to Japanese investors. Much progress has been made in the project and land has been earmarked near port Qasim.

Giving all-out assurances on security issues in Pakistan, the BOI chairman informed the Japanese envoy that a high priority meeting has been scheduled with Sindh Chief Minister Qaim Ali Shah, Sindh chief secretary, security departments and Japanese investors to counter security lapses with joint action.

He further stated that in the prevailing scenario better care of the existing Japanese investors can improve attractiveness of the country once issues impeding FDI inflows from Japan are removed with economically viable proposal mutually beneficial for people of the two countries.

Apart from the current investment, the ambassador showed keen interest for further investment in its dominant areas of business, including financial business, automobile, electronics, manufacturing plant and trade.

Leave a Reply