Delegation Of Int'l Major Investment Companies Meets Shafay Hussain

A delegation of major investment companies from America, Europe and Great Britain met Provincial Minister for Industries and Commerce Chaudhry Shafay Hussain to discuss investment opportunities in the province, at Punjab Investment Board Committee Room

LAHORE, (UrduPoint / Pakistan Point News - 12th Sep, 2024) A delegation of major investment companies from America, Europe and Great Britain met Provincial Minister for Industries and Commerce Chaudhry Shafay Hussain to discuss investment opportunities in the province, at Punjab Investment board Committee Room.

The provincial minister informed about the possibilities of investment in the industrial estates of the province and the facilities being provided. A joint investment agreement was also signed between the providential group and a multinational group from the United States, Europe and the United Kingdom. According to the agreement, there will be an investment of 1.5 billion Dollars in energy, mining, real estate development, agriculture and other sectors in Punjab. This will be the largest foreign direct investment by a multinational group.

The head of the delegation said that there is a vast scope for investment in Punjab and "We will take advantage of the investment opportunities."

Provincial Minister for Industries and Commerce Chaudhry Shafay Hussain said that the Punjab government welcomes the joint investment agreement between the multinational group and the providential group, and the government will facilitate to implement the agreement.

He said that foreign investors have special privileges in Special Economic Zones of Punjab. Investments in Special Economic Zones are exempted from income tax for 10 years and one-time duty free import of machinery, he added.

The minister said that there is a very favorable environment for investment in Punjab. "In the last 5 months, I have met more than 30 foreign investment companies," he said, adding, several companies have expressed interest in investing in Punjab. Due to the favorable investment climate in Punjab, foreign investors are rapidly flocking to Punjab, the minister added.

The visiting delegation included Adriano Santos of European company, Michael King of American company, Khurram Akbar of UK company, Chairman Providential Group Tariq Sadat, Mohammad Nadeem Pahlwan and others while the Punjab Investment Board Directors Dr. Imran Hashmi and Shirqi Tipu were also present.