ISLAMABAD, Nov 05 (APP):Punjab Minister for Industries, Commerce and Investment Chaudhry Shafay Hussain has announced the formation of a joint working group comprising representatives of the Islamabad Chamber of Commerce and Industry (ICCI) and the Rawalpindi Chamber of Commerce and Industry (RCCI) to promote industrial cooperation, facilitate investment and address issues confronting the business communities of the twin cities and Punjab. He made this announcement during his visit to ICCI, …
Modern industrial estate in Islamabad essential to attract investment and accelerate industrialization
ISLAMABAD, Nov 05 (APP):Punjab Minister for Industries, Commerce and Investment Chaudhry Shafay Hussain has announced the formation of a joint working group comprising representatives of the Islamabad Chamber of Commerce and Industry (ICCI) and the Rawalpindi Chamber of Commerce and Industry (RCCI) to promote industrial cooperation, facilitate investment and address issues confronting the business communities of the twin cities and Punjab.
He made this announcement during his visit to ICCI, where he held a detailed meeting with the Chamber’s office-bearers and industrialists to discuss industrial development, infrastructure requirements, investment opportunities and stronger business linkages.
Welcoming the provincial minister, ICCI President Mohammad Zikria Akbar Zia said that establishing a modern industrial estate equipped with international-standard infrastructure and facilities had become imperative for Islamabad.
He urged the Punjab government to extend its cooperation and proposed that the joint working group develop practical recommendations for industrial growth and investment facilitation.
Chaudhry Shafay Hussain said that the Punjab government was pursuing a comprehensive strategy to accelerate industrialisation and create a business-friendly environment.
During the last two and a half years, billions of rupees had been invested in improving infrastructure in the province’s industrial estates.
The government was also facilitating the establishment of branches of various banks in industrial zones to ensure easier access to financial services for industrialists.
Highlighting key development projects, he said that a state-of-the-art Expo Centre was being established for the first time over an area of 50 acres in Faisalabad Industrial Estate, while an industrial park was also being developed in Gujranwala to facilitate industrial expansion and attract new investment.
The provincial minister said that the new industrial policy approved by the Punjab government had also received approval from the federal government. Under this policy, investors could obtain industrial land on lease for periods ranging from 30 to 50 years for establishing industrial units.
Alternatively, industrial plots could be acquired on a monthly rental basis at Rs2 million per acre, offering investors greater flexibility and reducing the initial financial burden of setting up manufacturing facilities.
He said the policy was designed to encourage productive investment by enabling entrepreneurs to allocate more resources to machinery, technology and manufacturing rather than tying up substantial capital in land acquisition.
He further stated that the Punjab government had effectively ended years of real estate speculation and the activities of land mafias in industrial estates to ensure that industrial land was utilised exclusively for genuine industrial and manufacturing purposes.
The impact of these measures was becoming evident, as construction of eight additional factories had commenced during the last eight months.
He said the government’s focus was to ensure that industrial estates served their intended purpose of promoting manufacturing, generating employment and strengthening the national economy through increased production.
Highlighting emerging investment opportunities, Chaudhry Shafay Hussain said that the federal government’s decision to abolish import duty on electric vehicle (EV) charging stations had opened new avenues for local manufacturing.
The Punjab government was making efforts to attract investment in the establishment of EV charging station manufacturing plants within the province.
He also encouraged local industrialists to enter into joint ventures with Chinese investment companies for manufacturing modern agricultural machinery in Pakistan, emphasising that such partnerships could facilitate technology transfer, strengthen domestic manufacturing capabilities and reduce reliance on imported equipment.
He also highlighted the Chief Minister Punjab’s Asaan Karobar Finance Scheme, under which interest-free loans were being provided to promote business expansion and industrial development.
He urged traders and industrialists to take full advantage of the scheme to establish new industrial units and expand their existing businesses.
Reaffirming his commitment to the business community, he said that he considered himself a representative of industrialists and treated their problems as his own.
The government would not allow any obstacle to hinder industrial development, he added.
Inviting Islamabad-based industrialists to explore investment opportunities in Punjab, the provincial minister said that they could establish businesses in the province’s Special Economic Zones as well as the proposed industrial park along the Rawalpindi Ring Road.
He said he had already met representatives of various chambers of commerce across Punjab and would continue engaging with the business community to address its concerns.
He reiterated that the Punjab government would take the Islamabad and Rawalpindi chambers along in its efforts to promote industrial development, regional economic integration and investment.
Speaking on the occasion, ICCI President Mohammad Zikria Akbar Zia said that Islamabad had considerable potential for industrial growth, but the establishment of a modern industrial estate equipped with international-standard infrastructure, utilities and business facilities was essential to attract investment and promote manufacturing.
He stressed that closer coordination between the Punjab government and the business communities of Islamabad and Rawalpindi could help address common challenges and unlock new avenues of industrial development.
