LAHORE: Prime Minister Imran Khan on Tuesday announced an incentives package for the country’s industrial sector with a special focus on attracting investment and strengthening its export-oriented industrial and manufacturing base.
Addressing a ceremony in Lahore, the prime minister invited overseas Pakistani entrepreneurs to invest in the country’s industrial sector. Apart from the expatriates, he said local businessmen in joint ventures will also enjoy a five-year tax holiday with no questions to be asked.
Prime Minister Imran Khan unveiled a cutting-edge incentive package tailored to the manufacturing sector. The package, which was unveiled during a prominent speech to the country, comprises several deliberate actions meant to encourage industrial expansion and foster a welcoming corporate environment.
The incentive package includes clauses that make it easier for current and potential industrialists to apply for loans. The government wants to make it easier for business owners to grow their operations and invest in cutting-edge technology by offering streamlined processes and reasonable loan rates.
Prime Minister Khan proposed a large reduction in tariffs on imported machinery and raw materials to ease the financial strain on company owners. This method may result in lower production costs for companies that rely on imported resources, increasing their competitiveness both domestically and globally.
The incentive package recognizes the vital role that exports play in promoting economic growth and includes robust measures to boost export-oriented sectors. Prime Minister Khan emphasized that to support exporters and open up hitherto untapped international markets, export subsidies, tax breaks, and aid-obtaining certifications are available.
Infrastructure development remains a necessary condition for the progress of the sector. As a result, the government has allocated a substantial amount of funds for the development of industrial zones, transportation networks, and energy infrastructure. We intend to eliminate infrastructure bottlenecks and establish an atmosphere that will encourage industrial growth by incurring these carefully considered costs.
To encourage industrial innovation and production, a trained labor force is necessary. To satisfy this criterion, the incentive package includes a variety of initiatives for skill development, including collaborations with industry participants and programs for vocational training that align skill sets with changing industry demands.
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