Promotion Of Investment Top Priority: Minister

Provincial Minister for Trade and Industry Mian Aslam Iqbal said on Monday that promotion of investment was top priority of the government for which local and foreign investors were being provided all possible facilities under a roof.

LAHORE, (UrduPoint / Pakistan Point News - 12th Nov, 2018 ) :Provincial Minister for Trade and Industry Mian Aslam Iqbal said on Monday that promotion of investment was top priority of the government for which local and foreign investors were being provided all possible facilities under a roof.

Addressing a technical seminar titled 'SABIC Solutions for Banking', organised by SABIC, a Saudi multi-national company, at a local hotel, the minister added that complete legal protection to the investors and their investments would be ensured.

SABIC Country Director (Pakistan) Khalid Mahmood, Pak-Saudi Joint Chambers of Commerce and Industry (PSJCCI) President Mian Mahmood and a large number of industrialists and traders attended the seminar.

Provincial Trade and Industry Minister assured that provincial government would help encourage Saudi investment, besides ensuring provision of all possible facilities to Saudi investors investing in this province. A dedicated cell was also being established at Punjab board of Investment and Trade for the convenience of local and foreign investors.

Mian Aslam Iqbal disclosed that new industrial policy had been finalized and it would help boost the trade and economic activities in the province. Under the new industrial policy, he added, there would be tax holiday with regard to income tax for ten years, and zero duty on import of capital industrial machinery. Work progress on Quaid-i-Azam Apparel Park Sheikhupura would be geared up and measures would be put in place for early establishment of Special Economic Zones (SEZs).

Provincial Minister said that SABIC had for the last 35 years been making successful investments in Pakistan. He said that two brotherly Islamic countries- Pakistan and Saudi Arabia- had been enjoying cordial relations. "Our government wanted the brotherly Islamic country of Saudi Arabia to make maximum investment in Pakistan," he asserted.

Mian Aslam Iqbal said that the government had ensured enabling environment for promotion of investment in the province, which was now bearing tangible results. As per vision of Prime Minister and Punjab Chief Minister as well as market needs, he said, the provincial government was paying special attention towards creation of skilled manpower, and curricula of technical education was synergized on modern lines. A mega soft loans scheme for the graduates of technical institutions was also being launched to enable them to start their own business, he said.

Though a number of industrial units were being established by China and other countries in Pakistan, the government was focused and interested in the transfer of technology, he maintained.

He said that a mega housing project for the homeless had been initiated in the province, and this project would help promote all the industries in construction sector.