Lahore: Prime Minister (PM) Imran Khan has approved a Special Economic Zone (SEZ) status for three industrial estates in Punjab; facilitating the provision of a 10-year tax exemption for these enterprise zones situated in Bhalwal, Rahim Yar Khan and Vehari – a news source reported. The Punjab Industrial Estates Development and Management Company (PIEDMC) oversees the affairs of these estates.
Punjab Industrial Estates Chairman Syed Nabeel Hashmi expressed his views on the matter during a media briefing on Tuesday. He noted that the step would revolutionise the industrial sector and usher in a new era of progress and prosperity for the country, especially for Punjab. He added that two of the three industrial estates are located in south Punjab.
He mentioned that he had recently briefed the PM in a meeting held at the PM Secretariat about the measures and incentives required to boost the industrial sector, generate employment and increase exports.
He said that the Special Economic Zone (SEZ) Act provided fiscal incentives, which included a 10-year tax exemption facility and one-time duty exemption on the import of machinery, to facilitate private developers and industrialist in their business activity.