LAHORE, Oct 14 (APP):Punjab Finance Minister Makhdoom Hashim Jawan Bakht said on Thursday that Punjab government was taking revolutionary steps to facilitate investors.
Addressing the inaugural ceremony of the Investment Facilitation Cell organized by Punjab government here, he said that timely start-up policy of issuance of NOCs (No Objection Certificates) for new businesses would prove to be the biggest facility for investors, who would get all NOCs from a primary agency.
Under the policy, he elaborated that timing of issuance of NOCs would be determined by the nature of the business or industry. Low risk businesses would be able to get all the NOCs within seven days while those with average risk would be able to get all the NOCs within 10 days.
The rules and conditions for issuing NOCs in various departments were also being reviewed, he said, adding that getting an NOC had always been a serious problem for the investors from the day first.
However, the present government was providing all possible facilities to investors for economic growth and prosperity in the country. The new industrial zones are being set up in the province.
The Punjab government was paying special attention to the manufacturing sector to reduce dependence on imports, and in this connection material testing laboratories were being set up in the province to eliminate dependence on foreign countries, he added.
The finance minister said the present government was introducing reforms in the field of industry and business which had not been introduced in the last 70 years with the support of federal government.
The event was attended by provincial ministers, cabinet members and senior bureaucrats, as well as local and foreign investors and representatives of the chambers of commerce and industries.