Day: March 1, 2022

Prime Minister Imran Khan on Tuesday unveiled an incentives package for promotion of industrial sector with focus on attracting investment from the local and overseas business community.

Announcing the industrial package at a ceremony in Lahore, he said the package will provide incentives for investment in the small and medium sector, Information Technology and help revive the sick industries.

The Prime Minister said the new industrial package will also help strengthen the country’s export-oriented industrial and manufacturing base.

Imran Khan said along with local businessmen, we are also inviting the overseas Pakistani entrepreneurs to invest in the country’s industrial sector.

Besides the expatriates, the local businessmen in the joint venture will also enjoy five-year tax holiday with no questions.

The Prime Minister said that the government is doing all for the promotion of export-oriented industries, which is vital for the country’s socio-economic development and progress.

He stressed on the importance of industrial and manufacturing sector for wealth creation and development of the country.

Imran Khan mentioned the anti-wealth creation and anti-profit-making policies of subsequent governments as major hurdles in the way of required growth in industries in Pakistan.

He said it is the present government which decided to promote industries particularly the export-oriented industries.

The Prime Minister said that the present government’s two-pronged industrial policy focused on the promotion of Small and Medium Enterprises through improved regulations, ease of doing business; and the revival of sick industrial units.

He said that economic self-sufficiency is necessary for a free and independent foreign policy.

Imran Khan said foreign remittances showed a record rise due to incentives given to overseas Pakistanis.

He said that overseas Pakistanis are our national asset and we are removing hurdles in their way to invest in businesses in the country.

Presenting the salient features of the new industrial package, Minister for Industries and Production, Makhdoom Khusro Bakhtyar said that under the package, tax rate will be decreased by widening the tax base.

He said that overseas Pakistanis will be given a five years exemption for investment in Pakistan and that no questions will be asked for investments in the industrial sector.

He said that investors keen in revival of sick industries can also benefit from this package.

Source: Radio Pakistan

Prime Minister Imran Khan has said the government is fully aware of the plight of the common man and is taking all possible steps to protect the people from the adverse of global inflation.

In separate meetings with assembly members from Rawalpindi, Bahawalpur, Multan and Sahiwal divisions in Lahore, he said that the government has taken pro-people measures including 10 rupees reduction in the prices petrol and diesel per liter and 5 rupees per unit in electricity terrify.

The Prime Minister directed to strengthen their engagement with the people so that they could be made more aware of the various government schemes for socio-economic development, including Universal health coverage, Ration Raayat program and other measures.

He said that 100 percent tax exemption has been given to IT companies and freelancers for promotion of information technology and creation of employment opportunities for the youth. He said 100 percent exemption from capital gains tax has also been given for investment in IT startups.

Imran Khan said Under Kamyab Pakistan Program, subsidy of 407 billion rupees will be given on business loans during next two years. He said under the Ehsaas program, the monthly stipend has been increased from 12,000 to 14,000 rupees while graduate internship stipend has been increased from 30,000 rupees monthly allocating 38 billion rupees for 2.6 million scholarships in the country.

The Prime Minister also directed MPAs to mobilize grassroots workers to ensure success in the forthcoming local body elections in the province.

Source: Radio Pakistan

Uzbekistan President Shavkat Mirziyoyev, at the invitation of Prime Minister Imran Khan, will arrive Islamabad on Thursday on a two-day state visit to Pakistan.

The President will be accompanied by a high-level delegation, comprising the Foreign Minister, members of the Cabinet, senior government officials, business and media personnel. This will be the first visit of President Mirziyoyev to Pakistan since assuming office in 2016.

The state visit of President Mirziyoyev would mark historic commemoration of the 30th anniversary of establishment of diplomatic relations between Pakistan and Uzbekistan.

During the visit, the two leaders will review the entire gamut of bilateral relations including cooperation in political, trade and economic, connectivity, education, culture, security and defence domains. They will have wide-ranging exchange of views on major regional and international issues. A number of bilateral Agreements and Memorandums of Understanding will be signed.

The Prime Minister will hold one-on-one meeting with the Uzbek President to be followed by delegation-level talks and Joint Media Stakeout. The Prime Minister will also host a State Banquet in his honour. President Mirziyoyev will have separate meeting with President Dr Arif Alvi.

The two sides would focus on enhancing political and strategic linkages, fast tracking trade, transit and economic ties, enhancing connectivity, and promoting educational and cultural collaboration.

The Trans-Afghan Railway Project, connecting Pakistan, Uzbekistan and Afghanistan, will be a key area of deliberations. There will also be fruitful interaction with leading businessmen of the two countries.

Pakistan and Uzbekistan are linked through common faith, shared history and cultural affinities. The two countries have been closely collaborating at regional and international fora, especially at the UN, OIC, ECO and SCO.

Prior to the President’s visit, the two sides are scheduled to hold the 7th Session of Joint Ministerial Commission and 2nd Joint Business Forum in Islamabad tomorrow.

Pakistan has enhanced its engagement with Central Asian countries within the framework of “Vision Central Asia” policy, with five key strands, including political and diplomatic, trade and investment, energy and connectivity, security and defence, and people-to-people relations.

Source: Radio Pakistan