Feb 03, 2022 | By PIEDMC

Press Release 03-02-2022

Chief Executive Officer Punjab Industrial Estates Development and Management Company Ali Moazam Syed chaired the third meeting of the Special Economic Zone Committee to give the status of Special Zone Enterprise to the recipients of industrial plots in Quaid-e-Azam Business Park Sheikhupura and Vehari Industrial Estates. Committee approved the status of Special Zone Enterprise for 16 companies including Novatex Limited, Poly Pak, Texo Poli, Urban Premier and Ishatiaq Steels in Quaid e Azam Business Park and for GST Steel and Pristine Industries in Vehari Industrial Estate. By these approvals collective investment of almost 50 billion will come and thousands of new jobs will be provided. Secretary Committee Amina Faisal Shah, Director Board of Investment Col (R) Shakeel Ahmed, Director PBIT Dr. Sohail Saleem and other concerned officers attended the meeting. Addressing the meeting, CEO PIEDMC Ali Moazam Syed said that the granting the status of Special Economic Zones has paved the way for the Industrial Revolution and creating thousands of new jobs. Industries with special enterprise status will be given one-time exemption for machinery import and income tax exemption for 10 years. He further added that the companies that have been given the status of Zone Enterprise will start construction work in the next six months and will complete the project in two years. While the Punjab government has approved and released the funds for the construction of grid station in Vehari, which will be completed in one year.

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