LAHORE – Punjab Industrial Estates Chairman Syed Nabeel Hashmi disclosed on Tuesday that Prime Minister Imran Khan had granted the status of Special Economic Zone (SEZ) to three industrial estates, situated in Bhalwal, Rahim Yar Khan and Vehari under the control of Punjab Industrial Estates Development and Management Company (PIEDMC). Hashmi told the media here that the step would revolutionize the industrialization and usher in a new era of progress and prosperity in the country, particularly in Punjab. He mentioned that he also briefed the prime minister in a recent meeting at PM Secretariat that a number of incentives were required for industrial sector to increase exports and create employment in the province.
“The Special Economic Zone (SEZ) Act provides fiscal incentives to developers and industrialists which includes tax exemptions for 10 years and one-time duty exemption on the import of machinery,” he explained. The chairman added that among three industrial estates, two (Rahim Yar Khan and Vehari) were located in south Punjab.
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