Lahore: Prime Minister (PM) Imran Khan has approved the ‘Special Economic Zone’ status for five industrial estates in Punjab – a news source reported. This updated classification will allow the said zones to enjoy a tax rebate on importing machinery as well as tax exemption for 10 years.
The estates given the SEZ status include the ones located Bhalwal (Sargodha), Rahim Yar Khan, Vehari, Bahawalpur, and Faisalabad.
The industrial estates in Bhalwal, Rahim Yar Khan, and Vehari have been completed, while the work on Bahawalpur zone is currently underway; with the Punjab Industrial Estate Development and Management Company (PIEDMC) having been tasked to oversee their management.
Commenting on this development, PIEDMC Chairman Syed Nabeel Hashmi said that the government would provide further facilities and incentives to the business community – and that this decision went in line with the PM’s vision to create jobs for 20 million people.