Tax holiday granted for Quaid-e-Azam Business Park

LAHORE: Syed Nabeel Hashmi, Chairman of the Punjab Industrial Estates Production and Management Company (PIEDMC), said that the federal government has provided tax holidays as well as exemptions from duty and taxes related to imports of industrial machinery at the Quaid-e-Azam Business Park (QABP).

In a meeting with the Pakistan Plastic Manufacturers Association (PPMA) delegation on Wednesday, he said that up to 2.2 megawatts of electricity supply capacity was available to businessmen who were involved in setting up their industrial units immediately.

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He declared that the infrastructure for gas pipelines in the SEZ was almost ready.

He told the delegation that the worldwide use of plastic goods had reached $1.2 trillion, with the major buyers being the US and China.

Provided that it manufactures premium goods, there are a lot of opportunities open for the local industry to gain export orders from both countries,” he said.”

He asked the delegation to build plastic manufacturing units in Quaid-e-Azam Business Park, adding that developers and industrialists planning to build industrial units there were given a cosy environment. Talking about the Quaid-e-Azam Business Park, he said that investors buying more than 25 acres of land for their industrial set-ups in the SEZ will be provided with an incentive package.

On relaxed payment plans, they will also be issued, he added. More than half a million jobs will be generated in Punjab following the completion of the Quaid-e-Azam Business Park, putting it into an age of growth in line with the vision of Prime Minister Imran Khan, he said.

PIEDMC COO Ali Muazzam Syed briefed the delegation on the formation of an advisory board to speed up development work at the SEZ.

The members of the Advisory Board include elected officials and professionals from different economic fields who are to be nominated for a one-year term.