KP approves four new economic zones

The Khyber Pakhtunkhwa Economic Zones Development and Management Company (EZDMC) has approved launching of four new economic zones across the province.
The statement EZDMC said the approval was given at the 36th meeting of the board of directors. The zones include in Ghazi, Chitral, Jalozai and extension of the Nowshera economic zone.
It merits mentioining that after official announcement of China Pakistan Economic Corridor (CPEC), around 37 zones were proposed as “Special Economic Zones” in all provinces of Pakistan. Out of these 9 SEZs are prioritized to be established in each province and other federal areas of Pakistan.
A special economic zone (SEZ) is an area in which the business and trade laws are different from the rest of the country. SEZs are located within a country’s national borders, and their aims include increased trade balance, employment, increased investment, job creation and effective administration.
The Ghazi economic zone would be spread over an area of 89.9 acres, Chitral 40, Jalozai 257.5 and Nowshera 76.25 acres.
The statement said that EZDMC had possession of the strategically located land for the proposed economic zones and would soon complete formalities to initiate work on the projects.
The launching of the economic zones was a pivotal step that would not only create industrial growth and job opportunities for locals but also spur economic activity slowed down by Covid-19-induced lockdown.
The statement said that these zones would bring billions of rupees wohh of investments and provide job opportunities to over 25,000 people.
These zones will have electricity and a well-developed infrastructure which will facilitate investors looking forward to setting up their industries close to their base or near raw materials, it said.
CEO EZDMC Javed Khattak stated that this was a crucial step as the province needed to attract investment and boost economic activity.
With these new zones, economy of the region will flourish and job generation will be achieved which is one of the primary tasks of the company, Khattak said