Punjab Small Industrial Estate Policy 2023 Approved

Caretaker Provincial Minister for Commerce and Industry SM Tanveer chaired the 122nd meeting of the Board of Directors of Punjab Small Industries Corporation (BoD-PSIC) here at PSIC Office on Tuesday

LAHORE, (UrduPoint / Pakistan Point News - 28th Mar, 2023 ) :Caretaker Provincial Minister for Commerce and Industry SM Tanveer chaired the 122nd meeting of the Board of Directors of Punjab Small Industries Corporation (BoD-PSIC) here at PSIC Office on Tuesday.

The meeting approved some administrative, and financial matters and Punjab Small Industrial Estate Policy 2023.

According to the policy, the transfer of allotment fee was reduced from three to 1.5 percent. Similarly, the down payment for booking a plot in a small industrial estate was reduced from 60 to 40 percent.

Under the policy, several measures have been suggested to speed up the colonization of the industrial estates. The meeting also approved the consultancy contract of IDAP (Infrastructure Development Authority of the Punjab) for the under-construction PSIC House project. In-principle approval was given to set up a facilitation and training center of SMEDA (Small and Medium Enterprises Development Authority) at the small industrial estate and it would also be approached to provide a plan for the proposed facilitation and training centre.

Provincial Minister SM Tanveer directed that the pension policy of the finance department should be fully implemented. The colonization of industrial estates was necessary for promoting economic and business activities, he added and maintained that the purpose of giving subsidized plots was to set up factories and create employment opportunities. Every step would be taken to speed up the process of colonization. "The real estate business is not allowed in industrial estates," he clarified.

Secretary Industries and Trade Ehsan Bhatta, MD PSIC Asim Javed and board members attended the meeting.