Govt approves Karachi Industrial Park as federal SEZ

Business Recorder reported that the federal government has designated Karachi Industrial Park as a Special Economic Zone, following a Friday meeting of the Board of Approvals. The board also backed rules for government-funded access roads, utilities and other essential services in privately established zones, with support assessed individually under the SEZ Act, 2012.

A separate decision approved long-term land leasing rules for public-sector zones and industrial estates in Punjab, aimed at lowering initial land costs and improving use of public industrial land. The measures are intended to attract export-focused investment, support technology transfer and value addition, and increase employment, while expanding private-sector participation in industrial development.