Special Economic Zones Authority (SEZA) has recommended seven additional SEZs for approval to operate in Punjab with an estimated investment size to be around Rs 27 billion (USD 194 Million) to attract manufacturing concerns, leading to import substitution and creation of around 400,000 direct and indirect jobs.
In this connection, Provincial Minister for Industries, Commerce and Investment Mian Aslam Iqbal chaired a meeting of SEZA Board here at Punjab Board of Investment and Trade (PBIT) .
The minister said the government was playing pivotal role for industrialization and aim of the meeting was to review and forward the seven SEZ applications to the Approval Committee.
The PBIT played key role in drafting, evaluating the proposals of these Industrial Parks for declaration as SEZs.
The board of SEZA Punjab considered proposals for approval of these Seven Industrial Parks/Projects as Special Economic Zones in Punjab, which were deliberated in detail and unanimously approved for further submission to Board of Approvals for final declaration.
The list of priority Special Economic Zones (SEZs) included: Rahim Yar Khan Industrial Estate, Bhalwal Industrial Estate, Vehari Industrial Estate by PIEDMIC, Rachna Industrial Park by National Industrial Parks, North Star Textiles Ltd (Zaamin Group), Roshan Sun Tao Paper Mills Ltd and Frontier Oil Company (Frontier Works Organisation).
Mian Aslam Iqbal said that setting up of these seven SEZs would definitely result in increasing trade, job creation and effective administration of the industries.
SEZA would put in place a one window operation and the respective provincial governments would delegate authority for implementing labour, environment and other laws and for collection of local and provincial taxes or would depute representatives of their respective departments in SEZA office.
The benefits under the SEZ law would be provided to all the industrialists investing in these zones which included a one-time exemption from customs duties and taxes for all capital goods imported into Pakistan. There would also be exemption from all taxes on income for a period of ten years, immediate access to high-quality infrastructure, uninterrupted power supply, public facilities and support services to all the industrialists in these SEZs.
The PBIT/SEZA Punjab was endeavouring to promote incentives offered by the SEZ law by providing guidance to the prospective investors, receive and review applications and lease with the Federal government on pertinent matters in the interest of public and private sectors.
The meeting was attended by MPA Muhammad Ashraf Khan Rind, MPA Sahibzada Muhammad Gazain Abbasi, PBIT CEO Jahanzeb Burana, Mian Misbahur Rehman, Tanveer Ashraf Kaira, Lahore Chamber of Commerce & Industry (LCCI) President Almas Hyder and representatives from different departments which included Communication & Works, Industries, Commerce & Investment, Finance, Planning & Development, Agriculture and Livestock & Dairy Development Department.
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