Foreign investors given special incentives in SEZs

LAHORE:A reception was held here at the Pakistan State Guest House in honour of ministers and business community representatives from African countries.

The event was jointly organised by Africa House Pakistan and the Ministry of Foreign Affairs. Punjab Minister for Industries and Commerce, Chaudhary Shafay Hussain, participated as the chief guest.

The reception was attended by Chairman Africa House M Rehan Younus, Ambassador Hamid Asghar Khan, Uganda’s Agriculture Minister Mr Frederick, and business communities from African countries and Pakistan. A cake was also cut to mark the Pakistan-Africa friendship.

While addressing the event, Chaudhry Shafay Hussain said that the existing investment and trade gap between Pakistan and African countries must be bridged, and the time has come to enhance the trade volume. He stated that foreign investors are given special incentives in Punjab's Special Economic Zones, and the Punjab welcomes investment from African countries.

He added that under the direction of the chief minister, a Garment City is being established to boost the textile sector. Besides local investors, Chinese and other foreign investors are setting up textile industries there. Pakistan and African nations can collaborate in the textile sector. He also shared that a Pharmaceutical Valley is being developed on 130 acres in Quaid-i-Azam Business Park, Sheikhupura. There is a great potential for investment in textiles, pharmaceuticals, surgical goods, sports goods, and other sectors in Punjab. Pakistan and Punjab are rich in mineral resources, and African countries possess expertise in the mining sector. Pakistan can benefit from this expertise, he noted.

Shafay Hussain said that Punjab’s conducive environment is attracting foreign investment. A Chinese mobile company has begun establishing a mobile phone manufacturing plant in Faisalabad’s Industrial Estate, which will begin production within two years. Foreign companies producing solar panels and lithium batteries also plan to set up factories in Punjab.

Uganda’s Minister of Agriculture, Mr Frederick, shared insights on investment opportunities in Uganda. Chairman of Africa House, Rehan Younus, remarked that Africa House serves as a gateway for Pakistani industry to the African market. Ambassador Hamid Asghar Khan said that efforts are under way to increase trade volume between Pakistan and African countries.

Secretary TDAP Shehryar Khan, President of Chamber of Commerce and industries Abuzar Shad, and others also addressed the gathering.