The Federal government of Pakistan has decided to introduce a new One Stop Service Act to develop industrial infrastructure in Special Economic Zones (SEZs) under the China-Pakistan Economic Corridor (CPEC).
The legislation aims to streamline the process for obtaining clearances, permits, licenses, and No Objection Certificates (NOCs) for foreign and domestic investors looking to set up SEZ industrial units.
Prime Minister Shehbaz Sharif has approved the draft of the One Stop Service Bill. It was also shared that the bill would now be presented in parliament for formal approval.
Additionally, the new bill will accelerate the time-consuming and cumbersome process of obtaining around 28 NOCs for building industrial infrastructure in the SEZs. Moreover, it will also make it easier for investors to establish industrial units in these zones.