ISLAMABAD (APP): The government has introduced a Pioneer Industry Status scheme in any industrial field in the country with minimum Rs. 500 million upfront investment excluding cost of land to boost foreign investment.
As part of policy measures being adopted to improve production capacity of domestic industries/factories in the country, sources at Industries and Production Division on Sunday said these include establishment/development of industrial parks and SEZs which offer a number of incentives to industrialists including exemption of all taxes on income for a period of 10 years.
The other steps are establishment of export processing zones which offer many incentives to the industrialists and undertaking Tariff Rationalization on continuous basis to promote value addition in local industry.
The sources said new Automotive Development Policy (ADP 2016- 21) is being launched to attract green and brown field investments in automobile and auto vendor industry while the government is also launching new Entrant Policy for Motorcycle Industry to promote investment in new/innovative technology wherein investors are allowed to import 100 % Complete Knock Down (CKD) at the rate of
10 % Customs Duty for a period of three years.
The other steps is preparation of different sectoral studies to sort out opportunities emanating from regional economic integration in context of China Pakistan Economic Corridor (CPEC).
The sources said the Ministry is of considered opinion that it is high time to lure giant global manufacturers to relocate manufacturing facilities in Pakistan with special focus on import substitution as well as export enhancement.