FIEDMC grants 11 Int’l, local companies “Zone Enterprises Status” for 10 years tax holiday
INP
LAHORE
The high powered special economic zone committee of Faisalabad Industrial Estate Development and Management Company (FIEDMC) Wednesday granted “ Zone Enterprises Status to eleven international and local companies in M3 industrial city spread over on tract of 4356 acres of land which promise 10-year tax holiday and one time duty free import of machinery .
This decision was taken at a high level meeting held under the chair of FIEDMC Chairman Mian Kashif Ashfaq while Board of Investment (BOI) Secretary Omer Rasool, FIEDMC Chief Operating Officer (COO) Aamer Saleemi, Punjab Board of Information Technology officials and others were also present on this occasion. Export orientation and import substitution industry was given top priority to lessen the import bill and boost the export manifold worldwide.
Mian Kashif Ashfaq said the 42 international and local companies are already enjoying same status and now the figure swell to 53, which is another milestone achieved by the FIEDMC towards industrialisation of the province. These 11 companies will inject seed money of 43 billion investment in execution of first phase their projects. He said industries operating in the FIEDMC will have an immediate access to high-quality infrastructure, un-interrupted power supply, public facilities and support services along with simpler ease of doing business.
He further said that unprecedented an attractive package of incentives offered by Prime Minister Imran Khan to foreign and local investors would lead to a creation of plenty of new jobs, the promotion of investment and the establishment of many new industrial units in the area.He further said FIDEMC always provided state of the art facilities to its customers besides resolving their issues through one window operation on top priority basis. He said the confidence of the investors is being fully restored after completion of M3 project.
He also highlighted various steps taken by the government for improving ease of doing business and facilitation of foreign investment. He said that consistency in policies was imperative for attracting foreign investments into the country that can lead the economy towards sustainable growth.
Mian Kashif said the incumbent PTI government is focused on good governance, transparency and elimination of corruption. “ Prime Minister Imran Khan is devoted to his work and does not take a day off as he is determined to make Pakistan a true ‘Islamic welfare state,” he added. He said Pakistan’s economic indicators are now improving and soon the government would announce relief packages for the poor strata of the society.
Board of Investment Secretary Omar Rasool said the government is focusing on attracting local and foreign investment for industrial growth, exports and substitution for imports in the country. He further said Pakistan is providing equal opportunities and incentives to all foreign investors in every sector.
He further said Pakistan has competitive advantage for investment in major sectors in Automobiles, Food Processing, Information Technology, Logistics, Value-Added Textiles and Tourism, which have been termed as the priority sectors
He said that efforts were afoot to reduce cost of doing business and improve the ease of doing business ranking for Pakistan. Omar Rasool expressed the hope that the ranking of ease of doing business for Pakistan would improve considerably by this year.
