Daily Times

KARACHI: The Export Processing Zones Authority (EPZA) aims to achieve export target of 01 billion by 2025 has launched Karachi Export Processing Zone Phase-III (KEPZ-III).

EPZA has invited applications from national and foreign investors offering 180 plots (800 acres land) on first come first serve basis. The EPZA has provided opportunity to investors for doing business in industrial, trading & processing, while the authority will facilitate investors by creating conducive environment for them to enhance export-led manufacturing, trade and investment.

According to the details, provided by Assistant Manager, EPZA Bilal Islam, the KEPZ -III which is the extension of the existing Phase-I&II is offering as many incentives to the investors which include duty-free import on machinery, equipment and materials, freedom from national import regulations, exemption from exchange control regulations of Pakistan, repatriation of capital and profits, exemption of sales tax on input goods including electricity / gas bills while obsolete / old machinery can be sold in domestic market of Pakistan after payment of applicable duties & taxes.

Also, defective goods/waste can be sold in domestic market after payment of applicable duties, maximum up to 3% of total values and investors will have facility of one window operation with simplified procedures.

Similarly, EPZA is offering a range of facilities to the intending investors including uninterrupted electricity, gas and water, peaceful, secure and environmentally protected pollution -free work area, inter-unit transfer of finished goods among exporting units will be allowed, easy access to sea (Karachi EPZ) and airport, abundance of skilled and educated workforce, sub-contracting without limit on variety and quantity is allowed outside the zones as well as within the zones.

Generalised Scheme of Preferences ( GSP ) Plus concessions are available to the manufacturers in the zone accompanied with relief from double taxation subject to bilateral agreement and also offshore banking facility would be available for investors.

As far as development work of the project is concerned, the construction of boundary wall of Phase-III has successfully been completed & the paper work of infrastructure development has been completed by the Consultant. The tenders will be awarded shortly and the development work will be started from October 2016 & will be completed within 2 years time.

According to the payment schedule, initially, intending investors have to fill in the registration form along- with deposit of amount of Rs 2.5 million per plot (1000 sq.meter) and the remaining development charges can be paid within two years.

Meanwhile, investors have to pay first installment of Rs 2.5 million within next six months and afterward second, third and fourth installments amounting to Rs 2 million each are required to be paid after every six months period.

The registered investor will have to submit business plan within a week time on prescribed application form. The Provisional Offer Letter will be sent to the investor(s) within one week after submission of business plan and the allotment of plots will be made by executing License Agreement for 30 years (renewable).