The government has been taking a lot of steps to bring the de-track economy of the country on the track. Along with a number of measures in this regard, the government of Pakistan has allowed the import of construction material from tariff areas into the Export Processing Zones in the northern areas and all future EPZs.
This policy will make the transactions to be conducted in the local currency instead of foreign convertible currency, making the swift colonization and fostering an environment conductive to achieve maximum exports growth.
Through the big measure, the EPZs in northern areas encompassing Sialkot, Gujranwala and Risalpur will be get big benefit. ?This advantage will be confined to locally manufactured products so as to boost the domestic construction material industry.
?Approval of this policy has been given by the Economic Coordination Committee of cabinet (ECC) when the Industries and Production Division presented the proposal.
The concept of Export Processing Zone is the outcome of The Export Processing Zones Authority which was established in 1980 under Ordinance IV of 1980. At that time, only foreign investors or non-resident Pakistanis were allowed to do the investments in EPZs.
Due to unavailability of locally produced construction material, infrastructure development in EPZs depended on imports. It necessitated the filing of Good Declaration and Encashment Certificate with Zone Authority. All this caused the slow development of EPZs.
To resolve the issue, the government emphasizes the importance of depending on locally manufactured items such as iron, steel, cement, ceramics etc.
The approval of this policy is the outcome of efforts of all the stake holders including business organizations. It will not only foster the development in Export Processing Zones rather it would be highly supporting for the domestically manufactured construction material. ?