The Sindh government is actively working to develop two Special Economic Zones (SEZs) in Karachi, as announced by Syed Nasir Hussain Shah, the Sindh Minister for Energy, Planning and Development, on December 15, 2024. This initiative aims to attract Chinese investors and foster collaboration with local industries, positioning Pakistan as a preferred destination for trade amid shifting global policies that are moving away from direct imports from China. The development of these SEZs is part of a broader strategy to enhance industrial growth in the region. [4f304b49]
To support this industrial growth, a low power tariff of 3.5 cents per unit has been approved for a planned solar park, which is expected to provide sustainable energy solutions for the SEZs. Additionally, the Beauty, Fitness, and Consumer Health International Expo currently taking place in Karachi is showcasing over 2,000 brands and is projected to generate approximately US$20 million in revenue. This expo highlights the increasing opportunities for trade and investment in Pakistan, particularly in the context of the new SEZs. [4f304b49]
In a broader context, the Ethiopian federal government has mandated that industrial parks transition into Special Economic Zones (SEZs) within 20 days, a move aimed at providing customs control, trade facilitation, and tax incentives for businesses. Currently, only the Dire Dawa Industrial Park has been designated as an SEZ. This transition is expected to enhance Ethiopia's economic landscape, especially as the country seeks to reinstate its African Growth and Opportunity Act (AGOA) privileges. [46d91bcd]
In India, exports from SEZs increased by over 4% to reach $163.69 billion in the financial year 2023-24, with the government considering further measures to promote these zones. Meanwhile, Ghana's SEZs have significantly contributed to employment and industrial activities, with direct employment rising from 29,567 in 2020 to 35,399 in 2023. Zimbabwe has also attracted US$2.5 billion in investments through SEZs, focusing on job creation and economic growth. [b1529b3b] [fec77f06] [5d436cc8] [5eda1429]