The Islamabad Chamber of Commerce and Industry has welcomed the decision of the federal Board of Investment for granting Special Economic Zone (SEZ) status for the Hattar Industrial Estate (HIE) in Khyber Pakhtunkhwa and termed it a highly positive development as it will attract more investment and give boost to industrialization in the area.

 

Atif Ikram Sheikh, President, Islamabad Chamber of Commerce and Industry said that Hattar Industrial Estate enjoyed strategic location at China-Pakistan Economic Corridor in Haripur area and giving it SEZ status would go a long way in promoting exports from this region to Afghanistan, China and Central Asian countries.  

 

He said the industries operating in newly-declared Hattar Economic Zone (HEZ) will have an immediate access to high-quality infrastructure, un-interrupted power supply, public facilities and support services along with simpler business and establishment rules and expedited administration. He these concessions in HEZ would lead to creation of plenty of new jobs, promotion of investment and establishment of many new industrial units in the area as after the availing the SEZ status, the Hattar Economic Zone (HEZ) will avail 10-year income tax holiday and one time duty free on import of capital goods to all the industrialists investing in the HEZ.

 

He said it was for the first time that an industrial estate in Khyber Pakhtunkhwa has been given SEZ status and he appreciated the efforts of Khyber Pakhtunkhwa Economic Zones Development and Management Company (KPEZDMC) for achieving this great milestone. He also lauded the decision of BoI for granting this status to HIE. He said the grant of SEZ status to HIE has provided great opportunity to local and foreign investors to enhance investment in HEZ and gain lucrative results. He said this facility has also created new business opportunities for the investors of KP, Islamabad, Rawalpindi and adjoining areas and hoped that they would take full advantage of it.

 

Atif Ikram Sheikh also lauded the decision of Board of Investment for granting Special Economic Zone status to 3 industrial estates in Punjab i.e. Quaid-e-Azam Apparel Park, M3 Industrial City and Value Addition City. He said the newly-declared SEZs would bring more investment in Pakistan, accelerate the pace of industrialization and create thousands of new jobs. He said government should also consider granting SEZ status to other industrial estates in the country that would make Pakistan a preferred destination for local and foreign investors and put the country on fast track economic growth.