Pushing forward Pakistan Tehreek-e-Insaf’s commitment to strengthening the economy, Prime Minister Imran Khan on Tuesday unveiled an incentives package for the promotion of industrial sector with a focus on attracting investment from the local and overseas business community.
Announcing the industrial package at a ceremony in Lahore, he said the package will provide incentives for investment in the small and medium sector, Information Technology and help revive the sick industries.
“The new industrial package will also help strengthen the country’s export-oriented industrial and manufacturing base,” he said urging overseas Pakistani entrepreneurs to invest in the industrial sector.
Under the package, local businessmen in the joint venture will also enjoy a five-year tax holiday with no questions.
“The government is doing all for the promotion of export-oriented industries, which is vital for the country’s socio-economic development and progress,” he said adding that the anti-wealth creation and anti-profit-making policies of subsequent governments was a major hurdle in the way of required growth in industries in Pakistan.
Speaking about the steps taken by PTI to promote industries, the prime minister said that the present government’s two-pronged industrial policy focused on the promotion of Small and Medium Enterprises through improved regulations, ease of doing business; and the revival of sick industrial units.
“Economic self-sufficiency is necessary for a free and independent foreign policy,” he underscored.
Imran Khan said foreign remittances showed a record rise due to incentives given to overseas Pakistanis.
He said that overseas Pakistanis are our national asset and we are removing hurdles in their way to invest in businesses in the country.
Presenting the salient features of the new industrial package, Minister for Industries and Production, Makhdoom Khusro Bakhtyar said that under the package, tax rate will be decreased by widening the tax base.
He said that overseas Pakistanis will be given a five-year exemption for investment in Pakistan and that no questions will be asked for investments in the industrial sector.
He said that investors keen in revival of sick industries can also benefit from this package.
