Prime Minister Imran Khan on Tuesday unveiled an incentives package forpromotion of industrial sector with focus on attracting investment from thelocal and overseas business community.
Announcing the industrial package at a ceremony in Lahore, he said thepackage will provide incentives for investment in the small and mediumsector, Information Technology and help revive the sick industries.
The Prime Minister said the new industrial package will also helpstrengthen the country’s export-oriented industrial and manufacturing base.
Imran Khan said along with local businessmen, we are also inviting theoverseas Pakistani entrepreneurs to invest in the country’s industrialsector.
Besides the expatriates, the local businessmen in the joint venture willalso enjoy five-year tax holiday with no questions.
The Prime Minister said that the government is doing all for the promotionof export-oriented industries, which is vital for the country’ssocio-economic development and progress.
He stressed on the importance of industrial and manufacturing sector forwealth creation and development of the country.
Imran Khan mentioned the anti-wealth creation and anti-profit-makingpolicies of subsequent governments as major hurdles in the way of requiredgrowth in industries in Pakistan.
He said it is the present government which decided to promote industriesparticularly the export-oriented industries.
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The Prime Minister said that the present government’s two-prongedindustrial policy focused on the promotion of Small and Medium Enterprisesthrough improved regulations, ease of doing business; and the revival ofsick industrial units.
He said that economic self-sufficiency is necessary for a free andindependent foreign policy.
Imran Khan said foreign remittances showed a record rise due to incentivesgiven to overseas Pakistanis.
He said that overseas Pakistanis are our national asset and we are removinghurdles in their way to invest in businesses in the country.
Presenting the salient features of the new industrial package, Minister forIndustries and Production, Makhdoom Khusro Bakhtyar said that under thepackage, tax rate will be decreased by widening the tax base.
He said that overseas Pakistanis will be given a five years exemption forinvestment in Pakistan and that no questions will be asked for investmentsin the industrial sector.
He said that investors keen in revival of sick industries can also benefitfrom this package.
