Punjab Minister for Industries, Commerce and Investment Chaudhry Shafay Hussain announced the creation of a joint working group during a visit to the Islamabad Chamber of Commerce and Industry (ICCI) on November 5. The group will consist of representatives from both the ICCI and the Rawalpindi Chamber of Commerce and Industry (RCCI) to promote industrial cooperation, facilitate investment, and address issues facing the business communities of the twin cities and Punjab.
During a meeting with ICCI office-bearers and industrialists, ICCI President Mohammad Zikria Akbar Zia stated that establishing a modern industrial estate with international-standard infrastructure and facilities has become imperative for Islamabad. Zia urged the Punjab government to cooperate and proposed that the joint working group develop practical recommendations for investment facilitation and industrial growth.
Chaudhry Shafay Hussain stated that the Punjab government is pursuing a comprehensive strategy to accelerate industrialization and create a business-friendly environment. He noted that billions of rupees have been invested in improving infrastructure within the province’s industrial estates over the last two and a half years. The government is also facilitating the opening of bank branches in industrial zones to provide easier access to financial services.
The minister highlighted several specific development projects, including a 50-acre state-of-the-art Expo Centre being established in the Faisalabad Industrial Estate and a new industrial park being developed in Gujranwala. He stated that the Punjab government’s new industrial policy, which has received federal approval, allows investors to lease industrial land for 30 to 50 years. Alternatively, plots can be acquired on a monthly rental basis at Rs2 million per acre. Hussain explained the policy is designed to let entrepreneurs focus capital on machinery and technology rather than land acquisition.
Hussain claimed the Punjab government has ended years of real estate speculation and land mafia activities in industrial estates to ensure land is used exclusively for manufacturing. He stated that construction on eight additional factories began during the last eight months as a result of these measures.
