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Special Economic Zones (SEZs) in Pakistan are areas designated by the government of Pakistan to promote industrial growth and attract investment. In Pakistan, the SEZ Act was established on 13 September 2012, alongside the subsequent notification of SEZ Rules within the same year.
The Pakistan Export Processing Zone Authority (EPZA) is an autonomous body established under the administrative control of the Ministry of Industries and Production (Pakistan). It is in charge of organizing, creating, and managing Export Processing Zones (EPZs) around the nation and functions in accordance with the EPZA Ordinance 1980. In order ...
The definition of an SEZ is determined individually by each country. According to the World Bank in 2008, the modern-day special economic zone typically includes a "geographically limited area, usually physically secured (fenced-in); single management or administration; eligibility for benefits based upon physical location within the zone; separate customs area (duty-free benefits) and ...
An export-processing zone (EPZ) is a specific type of FTZ usually set up in developing countries by their governments to promote industrial and commercial exports. According to the World Bank, "an export processing zone is an industrial estate, usually a fenced-in area of 10 to 300 hectares, that specializes in manufacturing for export.
The Islamabad Model Special Economic Zone (IMSEC) is a Special Economic Zone situated near Rawat, Islamabad, associated with the China-Pakistan Economic Corridor (CPEC). This represents the initial facility of its kind in the federal capital. It was inaugurated on 18 July 2023, with the foundation stone laid by Prime Minister Shehbaz Sharif.
Terms include free port (porto Franco), free zone (zona franca), bonded area (US: foreign-trade zone), free economic zone, free-trade zone, export processing zone and maquiladora. Most commonly a free port is a special customs area or small customs territory with generally less strict customs regulations (or no customs duties or controls for ...
In August 2007, Pakistan started exporting cement to India to fill in the shortage there caused by the building boom. [8] Russia is a growing market for Pakistani exporters. In 2009/2010 the export target of Pakistan was US$20 billion. [9] As of April 2015, Pakistan's exports stand at US$29 billion.
Kandla Special Economic Zone, India. India was one of the first in Asia to recognize the effectiveness of the Export Processing Zone (EPZ) model in promoting exports, with Asia's first EPZ set up in Kandla in 1965.