ISLAMABAD – Experts urge the government for the establishment of the One-window stop for the Special Economic Zones (SEZs) under China -Pakistan Economic Corridor (CPEC) in order to boost up Business to Business (B2B) activities more effectively in the SEZs.
In an interview, Ambassador (Retd) Masood Khalid said that the SEZs around the world are run by national policies that have the objective of making the most economic benefit out of the creation of such special zones.
He added that the most national policies around the world have some important factors that need to be taken in consideration when replicating a similar policy structure in Pakistan.
He stressed that a promising factor that can be seen in most SEZs related legislative frameworks is the creation of a one-stop shop for investors.
“One-stop windows are integral components of Special Economic Zone (SEZ) legislative frameworks worldwide, and their significance is exemplified by China’s experience. These one-stop windows serve as centralised service points that streamline administrative processes and provide a single point of contact for businesses operating within SEZs,” the ambassador urged.
The Executive Director General of Board of Investment (BOI), Dr Erfa Iqbal, while speaking to INP-WealthPK said that one of the key roles of One-Window stop is streamlining bureaucracy, reducing the bureaucratic red tape, and simplifying the process for businesses and investors looking to set up and operate in these designated zones. For instance, in the Shanghai Pilot Free Trade Zone (FTZ), a one-stop service centre has significantly reduced the administrative burden, making establishing and running businesses within the FTZ is more efficient, she stressed.
She said, “these windows expedite the processing of licenses, permits, and clearances, offering a streamlined system for application submissions and approvals, quoting that in the Hainan Free Trade Port, an online platform and service centre have simplified the application process, saved time and ensured transparency.”
Speaking to the INP-WealthPk, Dr Liaqat Ali Shah, the Executive Director and Head of Policy Division-Trade and Industry Cooperation said that One-stop windows help in coordinating various government agencies involved in SEZs, enhancing investor confidence by providing a predictable and reliable regulatory environment.
He said that they play a critical role in improving the overall competitiveness of SEZs, attracting both foreign and domestic investments, and fostering economic development.
As witnessed in China’s experience, one-stop windows are pivotal in creating an efficient and business-friendly environment within SEZs, making them vital engines for economic growth and innovation on the global stage.
It is essential to note that the CPEC holds immense importance for Pakistan to grace up its economy. The successful completion of special Economic Zones will further ameliorate the economy of the country. However, to promote investment and economic growth within SEZs in Pakistan, the establishment of a one-stop window could significantly enhance the investment climate, reduce bureaucratic hurdles, and increase investor confidence by simplifying the administrative procedures and making the process more efficient and transparent.