Punjab is an investment friendly province

Lahore: Provincial Minister for Education Rana Mashhood Ahmad Khan has said that Punjab province has achieved unprecedented industrial growth during the last five years and has emerged as an investment friendly province particularly for the foreign investors. An increase to the tune of 15 percent in direct foreign investment in Punjab during third trimester of the current year is a clear-cut proof of the fact that the foreign investors from Germany, China, UK, Turkey and Japan repose full confidence in the industrial and trade policy of the present regime in Punjab.

He gave these remarks while talking to a delegation of Korea-Pakistan Friendship Association which called on him at Civil Secretariat, Lahore.

The delegation from South Korea was comprised of four diplomats who has experienced to work as Korean Ambassadors in different countries. These included Ambassadors Oh Jay Hee, Chun Soon-kyu, Shin Un and Keum Jeong-ho while Director of the Association Jeang Moo-soo and Dr. Ainul Haq accompanied them. Provincial Minister for Industries Ch. Muhammad Shafique, Addl. Chief Secretary Punjab Sohail Aamir Mirza and other senior officers attended the meeting.

Member Planning & Development Board Punjab Javed Akbar gave a briefing to the Korean diplomats about different initiatives launched by the Punjab government to improve the service delivery in the province.

Rana Mashhood Ahmad Khan called upon the Korean diplomats to apprise the business community in Korea to get benefit from the incentives offered by the Punjab government for investment both in engineering industry as well as in services sector. He informed the delegation that province of Punjab has established Special Economic Zones Authority under the Special Economic Zones Act 2010 under which duty-free import of machinery is allowed to the investors who would establish industrial zone spread over 50 acres of land.

These investors will also enjoy exemption from income tax for a period of ten years, he added. The Korean diplomats expressed complete satisfaction over the investment atmosphere and level play field provided by the Punjab government to the genuine investors and hoped that their visit to Pakistan will help strengthen the bilateral ties between South Korea and Pakistan. Rana Mashhood Ahmad Khan presented mementos to the Korean diplomats on behalf of Punjab Chief Minister Muhammad Shahbaz Sharif on this occasion.