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Punjab CM Maryam Nawaz announces incentives for investors, presents vision of green industry
Punjab Chief Minister Maryam Nawaz Sharif has approved in principle the establishment of modern Green Industrial Economic Zone in the province while announcing a special incentives package for local and international businesses.
The decision was taken at a meeting between the chief minister and a delegation of the Overseas Pakistanis Foundation (OPF). OPF Chairman Syed Qamar Raza briefed the chief minister about the proposed project which will build a world class green economic zone through collaboration between OPF and Green Energy Group.
The proposed zone is intended to boost clean energy, industrial expansion, exports and job possibilities. The project has moved forward with renewable energy infrastructure plans, including solar, wind, hydro, ground-source energy, battery storage, and high-voltage backup systems, to deliver sustainable power solutions for companies.
The briefing said that the project would provide more than 18,000 direct and indirect jobs, annual revenues of over Rs5.6 billion and environment-friendly exports. The project is also expected to help promote Pakistan’s economic growth and reduce carbon emissions in accordance with net-zero aspirations.
“Punjab is open for investment from all sectors and we assured the investors of the full support of the government,” said Maryam Nawaz. “We have introduced a zero time to start policy to support new industries and businesses. A one window system has been introduced to fast track the processing of necessary approvals and permissions,” she said.
The chief minister said the provincial administration was aiming to build a secure and investor-friendly environment devoid of administrative barriers. “The government’s vision is to make Punjab a hub of green industries, development of clean energy and international trade activities,” she added.
The Punjab government has declared a local holiday in Lahore on August 4 and has issued an official notification for the closure of some government offices.
The announcement said that the district offices of Lahore and other government departments working in the jurisdiction of Deputy Commissioner will be closed on the declared day.
However, the vacation would not be applicable on Punjab Civil Secretariat and other provincial government offices, which will be functional as usual.
The decision only applies to the district level offices in Lahore and provincial institutions would continue to function normally.
Pakistani car maker MG JW Automobile inked a memorandum of understanding (MoU) with Bangladeshi conglomerate RANCON Group this week to export Pakistani cars to Bangladesh as both nations look to boost business-to-business (B2B) connections.
RANCON is a large corporate organization in Bangladesh and they are working in several sectors like vehicles, real estate and electronics. Under the deal, MG JW Automobile will sell 100 vehicles to Bangladesh during the current year while total shipments are expected to exceed 5,800 vehicles during the next four years, the Pakistan High Commission in Bangladesh announced on Friday.
“The deal is expected to benefit Bangladesh by increasing the availability of vehicles in the Bangladesh market, healthy competition and the consumers will get more choices at competitive prices,” the High Commission stated.
“The agreement will also lead to closer economic cooperation between Pakistan and Bangladesh and promote more business-to-business cooperation,” said the high commission.
Haroon Akhtar Khan, Special Assistant to the Prime Minister on Industries and Production, praised the deal. He said he was confident such collaborations will improve trade and economic relations between the two countries and provide avenues for cooperation between the corporate sectors of the two countries.
Pakistan’s stock market started the new trading week on a positive note as the benchmark KSE-100 Index jumped over 2,700 points in early trade on Monday after US President Donald Trump announced that he had begun talks with Iran.
The bull run took the KSE-100 Index to 178,985 points, signifying restored investor confidence and broad-based buying in the market.
The rally came after the index finished at 176,094 points at the end of the previous trading session.
Market watchers said the high gains were fueled by a better mood among global investors after the announcement of US-Iran talks helped to quell fears over regional tensions and increase optimism in financial markets.
Punjab to observe a holiday on August 4 in Lahore
Pakistani, Bangladeshi firms sign vehicle export contract to increase bilateral trade
PSX makes huge gains to start the week on a positive note.
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