10-year income tax exemption being offered to investors: Shafay

LAHORE:Provincial Minister of Industry and Commerce Chaudhry Shafay Hussain said that special incentives are being offered to investors in Punjab's Special Economic Zones, including a 10-year income tax exemption and one-time duty-free importation of machinery. He informed that government is working on seed development programmes that will increase cotton production and benefit farmers.

He shared this information while addressing the inaugural ceremony of the 2-day international conference on Textile and Clothing at the University of Management and Technology (UMT) on Wednesday.

The conference was attended by Rector UMT Dr Asif Raza, Director Research & Innovation Professor Abid Sherwani, Dean Dr Mumtaz Malik, Dr Muddasir Abbas, Asad Shafi, Dr Tanveer Hussain, Naeem Butt and a large number of students. Over 300 national and international scholars and researchers also attended the conference and presented more than 40 research papers. Additionally, the experts from the textile and fashion industry held special sessions on virtual product development and fiber recycling. Provincial Minister Chaudhry Shafay Hussain, in his address, appreciated UMT’s significant role in promoting quality technical education. He stated that the textile sector is very important to Pakistan’s economy, providing vast employment opportunities. He mentioned that the government has taken various measures to support the growth of this sector to further stabilize the national economy. Shafay also highlighted the development of the Garment City at the Quaid-e-Azam Business Park in Sheikhupura, where the government is constructing buildings for industrial units to lease out. Furthersmore, the textile industry and technology from China will be transferred to the Garment City, which will modernise the local industry. UMT Rector Dr Asif Raza, while addressing the conference, stressed the need for stronger collaboration between academia and industry to find solutions to research and industry challenges. He noted that UMT is shaping the future leaders and entrepreneurs who will play a key role in the country's development.