Govt approves Karachi Industrial Park as federal special economic zone

The federal government has designated Karachi Industrial Park as a Special Economic Zone, Business Recorder reported on October 23. The decision was taken at a Board of Approvals meeting in Islamabad chaired by Finance Minister Muhammad Aurangzeb, with export investment, technology transfer and job creation among the stated aims. The board also endorsed rules for deciding whether government funds should support access roads, utilities and other basic infrastructure for privately developed zones.

The framework allows such assistance to be assessed individually, with infrastructure extending to the zone’s designated zero point. Separately, the board adopted a long-term leasing approach for public-sector industrial zones and estates in Punjab, intended to lower initial land expenses and encourage industrial investment. The measures form part of the government’s stated push to support industrialisation, improve investment conditions and expand private participation in export production.