Punjab Small Industrial Estate Policy approved

LAHORE: Caretaker provincial minister for industry, trade, and energy SM Tanveer presided over the 122nd meeting of the Punjab Small Industries Corporation’s board of directors here Tuesday.

The meeting approved some administrative, and financial matters and Punjab Small Industrial Estate Policy, 2023. According to the policy, the allotment transfer fee was reduced from 3 percent to 1.5 percent. Similarly, the down payment for booking a plot in a small industrial estate was reduced from 60 percent to 40 percent. Under the policy, several measures have been suggested to speed up the colonisation of the industrial estates. The huddle also approved the consultancy contract of IDAP for the under-construction PSIC House project. In-principle approval was given to set up a facilitation and training centre of SMEDA at the small industrial estate and it would be approached to provide a plan for the proposed facilitation and training centre.

The minister directed that the pension policy of the finance department should be fully implemented. The colonisation of industrial estates is necessary for promoting economic and business activities, he added and maintained that the purpose of giving subsidised plots was to set up factories and create employment opportunities. Every step will be taken to speed up process of colonisation, he said.