The Punjab Small Industries Corporation (PSIC) would extend loans up to Rs 3 million at 7 percent mark up to entrepreneurs who want to start new business in Punjab on 40:60 equity ratio.
This was stated by Punjab Industries, Commerce and Investment Minister Mohammad Ajmal Cheema while addressing the launching ceremony of the pre-feasibility reports updated by the Lahore Chamber of Commerce and Industry (LCCI) here on Saturday.
Appreciating the role of the LCCI in enhancing business operations in Punjab, Ajmal said he would also introduce more items in the Chamber that have never been made or exported from Pakistan, and these items would help diversify exports of the country.
Terming the atmosphere in the province as ideal for starting new business, he urged the Pakistani entrepreneurs to capitalise on US decision to impose 50 percent anti-dumping duty on Chinese shopping bags import.
Earlier, LCCI President Mian Anjum Nisar said the prime aim at launching these reports was to facilitate and educate the business community on various investment sectors, thereby making possible for them to take profitable investment decisions.
In view of the fast approaching WTO regime and the Safta arrangements, he stressed the need for developing effective private-public partnership to ensure country's economic stability.
The minister demanded of the government not to impose property tax on un-constructed land of the industrial units that have been left for future expansions.
On the demand of LCCI regarding slashing the number of taxes, Cheema sought the LCCI proposals in this regard before the Punjab Budget 2004-05.
The Convener of the LCCI Standing Committee on Research and Development, Mian Nauman Kabir, unveiled the pre-feasibility reports that updated by the LCCI for the guidance of the LCCI members, who want to start new business with small amounts ranging from Rs 2 million to Rs 5 million.