Rs53bn PIEDMC budget approved

LAHORE:Punjab Minister of Industry and Commerce Chaudhry Shafay Hussain Tuesday visited the office of Punjab Industrial Estates Development and Management Company (PIEDMC) and observed its board meeting as a special invitee.

The PIEDMC board approved annual budget of Rs53 billion for the financial year 2024/2025. The development funds of Rs9 billion are allocated for the Quaid-i-Azam Business Park and Rs2 billion for the Bahawalpur Industrial Estate.

PIEDMC chairman Javed Iqbal presided over the 166th board meeting of the company and approved the release of funds for the purchase of land for the expansion of Multan Industrial Estate, the establishment of a police post in Quaid-i-Azam Business Park, a contract for providing security services in industrial estates and funds for the development works of Bahawalpur Industrial Estate.

The meeting approved amendments to the articles of association of PIEDMC, the appointment of external auditors for the audit of the financial year 2022-2023, the revision in operations and maintenance charges of Rahimyar Khan, Bhalwal, and Vehari Industrial Estates, and the revision of the hiring and reporting structure of the Board of Management.

The board also approved the Centralised Procurement Plan for all BOM’s so the procurement of more than Rs10 million would be made through the PIEDMC head office. A briefing was given on the current status of the development works of Quaid-i-Azam Business Park and the establishment of Garment City.

Addressing the meeting, the minister said that all possible steps were being taken to provide facilities to industrialists. Business Facilitation Centres have been established in major cities of Punjab to resolve problems of industrialists.

Board members Shahzad Azam Khan, Sajid Saleem Minhas, Dr Shahid Raza, Sohail Azhar, Mian Noman Kabir, Ahmed Khan, CEO PIEDMC Ali Muazzam Syed, along with relevant officers of the Department of Industries, Finance and Tevta also attended the meeting.