Minister invites Pak traders in Oman to invest in Punjab

LAHORE: Provincial Minister for Industries and Commerce, Chaudhry Shafay Hussain, met with a delegation of the Pakistani business community residing in Oman.

The meeting, held in the committee room of the Department of Industries and Commerce, focused on investment opportunities in Punjab. The provincial minister invited Omani investors to invest in Punjab.

During the discussion, Chaudhry Shafay Hussain stated that Punjab’s industrial hubs offer vast investment opportunities for foreign investors. He highlighted that investors in Special Economic Zones (SEZs) are granted 10 years of income tax exemption and a one-time duty-free machinery import facility. He further mentioned that due to the closure of property business in industrial estates, new factories are being established at a rapid pace.

The provincial minister informed the delegation that, following the directives of the Chief Minister of Punjab, a Garment City is being developed at Quaid-e-Azam Business Park, Sheikhupura, which will be solar-powered. In this Garment City, the government will construct industrial unit buildings and lease them to investors.

Chaudhry Shafay Hussain emphasized that the government is committed to enhancing trade relations with China, Azerbaijan, Austria, Turkey, the United Arab Emirates, the United Kingdom, and other countries. He stressed the need to strengthen contact and ties on goverment and public-level with Oman.

The minister urged Omani investors to invest in Punjab, assuring them of all possible facilitation. He also emphasized that practical steps will be taken to increase bilateral trade with Oman.

The Omani investors’ delegation included industrialists Syed Zaib Hussain, Malik Yameen Awan, Rana Sikandar, Imran Sheikh, and others, while Director Punjab Board of Investment, Dr. Imran Hashmi, was also present in the meeting.

The delegation appreciated the favorable investment environment in Punjab. Speaking on the occasion, Syed Zaib Hussain stated that a bit delegation of Omani investors will visit Punjab soon.