Pakistan introduces legislation to bring economy back on track
11 September, 2012
ISLAMABAD: President Asif Zardari on Monday signed the Special Economic Zones Bill 2012 during a special ceremony at the Presidency.
Ministers, parliamentarians, dignitaries and government officials attended the ceremony.
Giving details, President's spokesman Farhatullah Babar said the Senate passed the bill on March 8. The National Assembly also passed the bill on July 13.
Addressing the ceremony, President Zardari said Pakistan had a great economic potential and the government had been taking a number of steps to ensure maximum facilities for investors to utilise full potential of the available resources.
The president said Pakistan had a strategic location, rich mineral resources and skilled manpower, adding, “We must utilise these assets for the economic development of the country.”
Zardari said the new law would help in reducing the cost of doing business.
He said, the new law would increase exports, create jobs and enhance the rate of return to investors. “Under the new law all capital goods, machinery and equipment will be exempted from customs duties,” said the president.
Zardari said the entrepreneurs of these special economic zones would also be exempted from income tax for 10 years.
He said the law had laid the basis of industrial development in the country. He said the incentives granted to the investors would be protected by law and would enhance the investor's confidence. The new law, he said, would ensure continuity of the economic policies in the country.
Referring to the economic progress made in the neighbouring countries, Zardari said such laws had played a major role in the economic development of China, India, Thailand and other regional countries.