UAE, European investors assured of best facilities

LAHORE:Minister for Industries and Commerce Ch Shafay Hussain has urged the investors of UAE and Europe to invest in Punjab and the government will provide all possible facilities to them.

A delegation of overseas Pakistani’s investors living in UAE and Europe met Minister for Industries and Commerce Chaudhry Shafay Hussain at the Committee Room of Punjab Board of Investment & Trade (PBIT) in which investment opportunities in Punjab were discussed. The Investors group indicated to contribute investment of 50 million dollars in electric vehicles sector and other sectors in Punjab. The minister while talking with the delegation said that 18 Special Economic Zones have been created in Punjab while 7 more Special Economic Zones are in the pipeline. He said that there are vast investment opportunities in Special Economic Zones and a 10-year income tax exemption on investment is given by the government and a one-time duty-free machinery import facility.

Chaudhry Shafay Hussain apprised that 6 Business Facilitation Centres are established in different cities of Punjab and 170 types of NOCs are being issued here for different business activities. NOCs are being issued to foreign investors in 10 days and to local investors in 15 days. Business Facilitation Centres have so far issued more than 25 thousand NOCs for various business activities. The scope of Business Facilitation Centres is being expanded, the minister said and added that modern industrial infrastructure has been provided in the industrial estates.

He said that real estate business has been stopped in the industrial units. Industrial units are now being built on the plots acquired in the industrial estates. Chaudhry Shafay Hussain said that due to favourable environment, new investments are coming rapidly in Punjab by the UAE and European-based overseas Pakistani investors. CEO Punjab Investment Board Jalal Hasan apprised during the briefing that Punjab Investment Board is providing best facilities to the investors in Punjab. PBIT has so far facilitated investment of 7 billion dollars in the province. The investors’ delegation comprised Saeed Khurram, Mirza Rauf Baig, Mirza Farooq Baig and others.