Punjab government has initiated an action plan costing Rs 2 billion for the expansion and promotion of small and medium industries in the province.
Business Recorder learnt through official sources on Saturday here that the government has accorded its wholehearted attention on bringing about industrial revolution through setting up large-scale industries, including agro-based units, in the province.
Under the programme, the provincial government has introduced certain schemes for the development of small and medium industries. Under these schemes, loan facilities would be extended to the small and medium industries and for the establishment of new industrial projects in the province.
The step has been taken to minimise and reduce the financial problems being faced by the business engaged with small and medium industries as well as for removing the hitches, which are hindering the process of setting up of new industrial projects.
The government is very keen that the business community and manufacturers should produce non-traditional products with innovation for fetching through the export of non-traditional products.
There is a lot of demand of non-traditional products in foreign market and about 200 different non-traditional products have been identified for the business community of the Punjab.
Under the programme, the government will extend loan facilities up to Rs 2 million to the interested person, who is willing to set up new industrial project worth Rs 20 million in the Punjab.
AGRO-BASED UNITS: Apart from this, the government had allocated Rs 500 million during the current financial period for the advancement and expansion of agro-based industries and dairy development. Under the programme, agro-based projects worth Rs 5 million would be extended loan facilities of Rs 3 million. Besides, the loan facility would also be extended for the promotion of engineering and information technology in the province.
The government is making hectic efforts and mobilising all available resources for motivating and attracting overseas Pakistanis and foreign investors to invest in export processing zones, especially in Sialkot and Gujranwala export processing zones.
The government has concentrated its attention on providing maximum opportunities to the overseas Pakistanis and foreign investors for investment in various industrial projects.
The government has developed 'investment-friendly climate' for further accelerating the rapidity of industrial development for bringing big boom in the existing export volume in the province.
MAIN PURPOSE: The main purpose behind the establishment of large-scale new industrial projects is to keep economic wheel in full motion and to ensure strong industrial base in the Punjab.
The establishment of maximum industries will not only help increase the export volume but also create wide job opportunities for the jobless educated youth as well as for skilled and unskilled labour.
The government has urged the businessmen engaged with small and medium industries and newcomers to avail themselves of the incentives and concession for setting up new industries, the sources added.
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