Punjab has vast scope for investment, says Shafay

LAHORE:A delegation of major investment companies from America, Europe and Great Britain met Provincial Minister for Industries and Commerce Chaudhry Shafay Hussain at committee room of the Punjab Investment Board.

During the meeting, investment opportunities in Punjab were discussed. The minister informed about the possibilities of investment in the industrial estates of the province and the facilities provided. On this occasion, a joint investment agreement was also signed between the Providential Group and a multinational group from the United States, Europe and the United Kingdom.

According to the agreement, there will be an investment of 1.5 billion dollars in energy, mining, real estate development, agriculture and other sectors in Punjab. This will be the largest foreign direct investment (FDI) by a multinational group. The investment will be increased later. The head of the delegation said that there is a vast scope for investment in Punjab and we will take advantage of the investment opportunities.

Speaking on the occasion, Provincial Minister for Industries and Commerce Chaudhry Shafay Hussain said that the Punjab government welcomes the joint investment agreement and the government will facilitate to implement the agreement.

He said that foreign investors have special privileges in Special Economic Zones (SEZs) of Punjab. Investments in Special Economic Zones are exempted from income tax for 10 years and one-time duty-free import of machinery.

The minister said that there is a very favourable environment for investment in Punjab. ‘In the last five months, I have met more than 30 foreign investment companies. Several companies have expressed interest in investing in Punjab. Due to the favourable investment climate in Punjab, foreign investors are rapidly flocking to Punjab.’

The visiting delegation included Adriano Santos of European company, Michael King of American company, Khurram Akbar of UK company, Nadeem Pahlwan and others. Punjab Investment Board Directors Dr Imran Hashmi and Shirqi Tipu were also present in the meeting.