Lahore: Prime Minister (PM) Imran Khan on Tuesday (March 1) announced an incentive package to boost the industrial sector by attracting both foreign and local investment, according to news sources. The new incentive package aims to promote investment in small and medium industries along with the restoration of sick industrial units.
Under the package, the tax rate will be reduced by widening the tax base. The overseas Pakistanis will be offered a five-year tax holiday on participation and no questions will be asked from local businesses for investment in the industrial sector.
PM Khan unveiled the industrial package at the Governor of Punjab’s Residence during a one-day visit to Lahore. The premier stated that the package will strengthen the manufacturing and export-oriented industries. He further added that through this package both overseas Pakistani and local entrepreneurs are invited to invest in the industrial sector.
Moreover, the government’s focus is on the promotion of small and medium enterprises through ease of doing business, improved regulations, and revival of sick units. PM Khan emphasised the need for growth in Information Technology (IT) sector. He went on to say that the IT sector had a lot of potential and it should be incentivised to improve exports of the country. The premier also stressed that expatriates are national assets and must be encouraged to invest in the country by removing obstacles in their way.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
