Minister for Privatisation and Investment Abdul Aleem Khan announced on Saturday that Karachi Industrial Park will be established as a model special economic zone (SEZ), while over Prime Minister’s request, one SEZ will be handed over to China on a trial basis.

The Karachi Industrial Park is part of a broader initiative under the China-Pakistan Economic Corridor (CPEC), with a total of nine special economic zones being developed across the country, covering 1,500 acres, this park is being developed on the land of Pakistan Steel Mills.

Khan chaired a meeting of the focal group formed by the Prime Minister to oversee the progress of industrial zones in Pakistan.

During the meeting, the group reviewed the development status of the SEZs, addressed the challenges they face, and discussed potential solutions.

Highlighting the importance of special incentives, Khan stated, “Karachi Industrial Park will be declared a model SEZ, but we need to finalize many steps, including the trial handover of one special economic zone to China.”

He highlighted that the potential of industrial zones in promoting local industries has been largely untapped due to years of neglect, leading to numerous challenges that require urgent attention.

The minister directed that special incentives and facilities be provided to industrial zones and approved the preparation of final recommendations by the focal group to address pending issues swiftly.

He noted that new industries would only emerge if these zones were granted special privileges that move away from traditional practices.

The meeting included secretaries from energy, industry, and investment, along with other senior officials who provided updates on the industrial zones.

It was decided that the focal group would reconvene to finalize a full agenda and make important decisions to ensure rapid development across all industrial zones.