Lahore: The Punjab Small Industries Corporation (PSIC) board on Wednesday approved a reorganisation plan for the provincial body — as well as endorsing the Punjab Small Industrial Estate Policy for 2020 — according to news sources. In addition, the authority also announced the establishment of a small industrial estate on 50 acres of land, and reviewed a proposal to set-up an artisan village on around two acres of land meant for the promotion of local handicraft at Taunsa Sharif.
The board made these decisions in its 107th meeting that was chaired by the Provincial Industries and Trade Minister Mian Aslam Iqbal. As per the Punjab Small Industrial Estate Policy, selling plots in the estates has now been permitted. The buyers will be obligated to initiate construction in three months of purchase and complete the project in 15 months. However, they will not be allowed to dispose of the plots.
In this regard, the defaulters are expected to face fines and cancellation of plots. Moreover, plot owners who fail to set-up units in the provided time cannot have their fines waived-off by government officials, as these discretionary powers have been removed by the PSIC board.
A two-year term limit has also been set to establish industrial units in the new small industrial estate. In addition, it has been decided that the PSIC board’s approval is mandatory for setting up new industrial estates anywhere in the province.
Minister Iqbal assured that investors and industrialists can expect the full cooperation of the state and added that PSIC will be focusing on the provision of facilities; instead of earning profits. He also called for the development work on the Lahore-Sialkot Motorway to be completed on an expedited basis.