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‘Special incentives available for investors in Punjab’
In this still, Provincial Minister for Industries and Trade Chaudhry Shafay Hussain gesture during a meeting on March 7, 2024. — Facebook/Chaudhry Shafay Hussain
LAHORE:Provincial Minister for Industries and Commerce Chaudhry Shafay Hussain met with a 12-member delegation of International Labour and Trade Unions here at a local hotel. The delegation was led by Mr Shoya Yoshida, General Secretary of the International Trade Union Confederation, Asia-Pacific, Singapore.
During the meeting, mutual cooperation was agreed on the preparation of skilled manpower and the promotion of technical education. The possibilities of trade with various countries were also reviewed.
The minister briefed the delegation on the investment opportunities and the measures taken to promote technical education. He stated that special incentives are available for investors in Punjab’s Special Economic Zones (SEZs), including a 10-year income tax exemption and a one-time duty-free machinery import facility. He shared that 19 Centres of Excellence are being established in different cities by Tevta with the support of the Asian Development Bank. A Garment City is being developed on 630 acres in Sheikhupura, where the government will build industrial unit structures.
The minister highlighted the ongoing improvements in industrial infrastructure and the upgradation of Tevta institutions. He also shared that Punjab’s Skill Development Policy 2024 has been submitted for cabinet approval. He added that solar study programmes have been introduced in Tevta institutions for the first time. Additionally, several Chinese companies have expressed interest in investing in Punjab. Shafay Hussain emphasised that promoting solar energy and electric vehicles is the Punjab government’s top priority.
The delegation expressed its commitment to working with Punjab to promote mutual trade and technical education. The delegation included Mr Laxman Basnet, General Secretary of the South Asian Trade Union Confederation from Nepal; Mr Geir Tonstol, Country Director of the ILO in Pakistan; Mr Eugenio Mozarelli, Country Manager of the Italian Trade Union Cooperation Agency from Rome, Italy; and Mr Imad Ashraf, Country Head of the American Solidarity Center in Pakistan. Other members included Malik Tahir Javed, President of the Employees Federation of Pakistan and Ch Naseem Iqbal, President of the Pakistan Workers Federation.
World Bank funded projects reviewed
Planning & Development Board Secretary Dr Asif Tufail chaired a meeting with Project Directors of World Bank-funded initiatives at the AKS Auditorium. The discussion centered on the Smart Monitoring of Development Projects (SMDP), a system designed to improve the tracking and management of foreign-funded projects from inception to completion.
Dr Tufail expressed concerns over delays in project implementation, urging project directors to streamline activities and ensure timely updates on progress. He stressed the importance of maintaining transparency in project monitoring and expenditure management to prevent further setbacks. ‘Regular updates are crucial to staying on track and achieving our project goals,’ he emphasised. In his closing remarks, the secretary highlighted the need to strengthen collaboration with development partners to enhance the success of ongoing and future projects.
Senior officials in attendance included Sr Chief ECA Saba Asghar, Sr Chief L&DD Imtiaz, DS Admin Omer Randhawa, and Chief Governance Hafiz Naseer. Several Project Directors from key World Bank-funded projects were also present, including Asadullah (PRMSC), Imran (PAHP), Capt Usman (PFPP), Ali Jalal (PRIDE), and Waqas (PTEGP), among others. The meeting marked a renewed focus on improving efficiency and ensuring the timely completion of critical development projects across the province.
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