Finance Minister for Focus on Business-Friendly Environment Instead of Reliance on Tax Holidays

Caretaker Finance Minister Dr Shamshad Akhtar presided over a meeting to review and rationalize the progress and incentives provided by special technology zones (STZs) and special economic zones (SEZs) today.

The minister emphasized the crucial role that STZs and SEZs play in the development and progress of a nation’s economy. She emphasized the government’s commitment to making Pakistan a hub for technological advancements and economic prosperity. However, she highlighted that the focus should be on promoting business business-friendly environment instead of relying exclusively on tax holidays.

Dr Akhtar expressed confidence that the deliberations amongst the participants would result in actionable recommendations to further enhance the effectiveness and efficiency of STZs and SEZs in order to fully utilize their potential.

The committee was apprised of the comparative models of STZs and the progress and challenges of existing STZs and SEZs respectively. Moreover, a comprehensive discussion took place on the incentives currently available within STZs and SEZs, with a primary focus on enhancing their effectiveness and relevance to the rapidly evolving technological landscape.

It was also shared that out of eight areas declared as STZs, five are fully functional. The meeting also discussed strategies and policies aimed at fostering innovation, economic growth, and technological advancement through efficient management of STZs and SEZs to attract domestic and foreign investment.

Minister for IT and Telecom Dr Umer Saif, Minister for Board of Investment Chaudhry Salik Hussain, Advisor to PM on Establishment Ahad Cheema, Senator Dr Afnan Ullah Khan, Secretary Finance, Secretary Law and Justice, Chairman FBR, Chairman STZA, Chairman CDA, and senior officers from Finance Division, FBR, and STZA attended the meeting.

Source: Pro Pakistani