ISLAMABAD: President Asif Ali Zardari Monday signed Special Economic Zones Bill 2012 with a view to setup special economic zones in different parts of the country to promote foreign investment in various sectors, enhance jobs and boost economic activities.
Addressing the signing ceremony of the bill at a simple ceremony held here at Aiwan-e-Sidr, the President said Pakistan has great economic potential and the government has been taking a number of steps to ensure maximum facilities for the investors to utilize the full potential of the available resources.
The President said Pakistan has a strategic location, rich mineral resources, and skilled manpower adding "We must utilize these assets for the economic development of the country".
President Zardari said the new law, which has been passed by the parliament with consensus, would help in reducing the cost of doing business.
He said, the new law will 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.
The President said the entrepreneurs of these Special Economic Zones, will also be exempted from Income Tax for ten years.
He said the law, has laid the basis of industrial development in the country. He said the incentives granted to the investors will be protected by Law and will 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, the President said such laws had played major role in the economic development of China, India, Thailand and other regional countries.