Steps taken to bring foreign investment to Punjab

LAHORE:Provincial Minister for Industries and Commerce Chaudhry Shafay Hussain said that the property business that has been going on in industrial estates for years has been stopped. Now only industrial units are being built on the plots acquired in the industrial centres.

The minister observed it during a meeting of the Standing Committee on Industries, Commerce and Investment held in the committee room of the Punjab Assembly under the chairmanship of Chairman Standing Committee Junaid Afzal Sahi.

The meeting reviewed the working, performance and other matters relating to Industries, Commerce, Investment Department and its subordinate institutions in detail. Provincial Secretary for Industries and Commerce Umar Masood gave a briefing on the working of the department.

Shafay further said that the policy of accelerating the industrialisation process is proving fruitful. The improvement of infrastructure in industrial centres has accelerated the industrialisation process. Recommendations have been sent to the federal government to facilitate approval process of special economic zones. Summaries for the appointment of permanent vice-chancellors for technical universities have also been sent. New boards of institutions have been formed. Practical steps have also been taken to bring foreign investment to Punjab.

The minister said that the CM has launched excellent interest-free loan schemes for the promotion of small and medium businesses in the province. Business Facilitation Centres are playing a key role in the promotion of business activities in the province. He said that a financial and performance audit of Tevta is being conducted. In addition to Chinese, courses in German, Korean, Arabic and Japanese languages have been introduced in Tevta institutions.

Chairman Standing Committee Junaid Afzal Sahi said that the promotion of quality technical education is essential to further accelerate the process of industrialisation. There is a need to rationalise the interest-free loan schemes of the Punjab Small Industries Corporation.

The meeting reviewed the issues of Special Economic Zones and Industrial Estates. Various proposals were reviewed to promote investment and accelerate the industrialisation process in Punjab. The meeting was attended by MPAs and heads of subsidiary institutions of the Department of Industries, Commerce and Investment.