Lahore: Punjab’s Provincial Minister for Industry and Commerce, Chaudhry Shafay Hussain, announced that investors in the province’s Special Economic Zones (SEZs) will benefit from a 10-year income tax exemption, as part of the government’s efforts to boost the textile industry and attract foreign investment.
Speaking at the inaugural ceremony of the two-day international conference on Textile and Clothing at the University of Management and Technology (UMT) in Lahore, Minister Hussain highlighted that these incentives aim to foster growth in the textile sector, which is a cornerstone of Pakistan’s economy. The exemption, along with other incentives like the one-time duty-free importation of machinery, is designed to attract both local and international investors to Punjab’s SEZs.
In addition to these fiscal benefits, the government is also focusing on seed development programs that aim to increase cotton production, benefiting local farmers and enhancing the raw material supply for the textile industry. These efforts align with the government’s broader goal of stabilizing the national economy through industrial growth.
The conference, which saw the participation of over 300 national and international scholars, provided a platform for the presentation of research papers and industry insights. Experts discussed topics such as virtual product development and fiber recycling, further emphasizing the importance of technological advancement in modernizing the textile sector.
Minister Hussain also took the opportunity to underline the ongoing development of Garment City at the Quaid-e-Azam Business Park in Sheikhupura, a project that will modernize the local textile industry by incorporating Chinese technology and offering industrial units for lease. This development is expected to significantly enhance the production capacity of Pakistan’s textile sector.
UMT Rector Dr. Asif Raza, who attended the conference, stressed the importance of strengthening collaboration between academia and industry to address the challenges faced by the textile sector. He emphasized that UMT is playing a key role in shaping future leaders and entrepreneurs who will contribute to Pakistan’s economic development.
The announcement of these new incentives underscores the government’s commitment to supporting the growth of the textile industry, which continues to provide employment opportunities and play a vital role in Pakistan’s economic stability.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
