June 17, 2003	Tuesday	Rabi-us-Sani 16, 1424

Please Visit our Sponsor (Ads open in separate window).

MULTAN, June 16: Chief Minister Pervaiz Elahi will announce a package for industrialists on June 24, in order to boost the export-based industry.

This was stated by provincial minister for industries Ajmal Cheema while speaking to the executive committee members of the Multan Chamber of Commerce and Industry on Monday. Office-bearers of other trade and business bodies were also present on the occasion.

The minister said one of the salient features of the proposed package might be a 25 per cent annual concession to the exporters in the use of electricity. A proposal in this regard was under consideration with the federal government.

He said in order to save industries from excesses of the government departments, the procedure of officials’ visits was being done away with, and the government would deduct 1.25 per cent per annum from the income of the industries under the heads of various taxes, including withholding tax.

The minister said the owners of agricultural land of 25 acres or above would be advanced loans up to Rs5 million at a reasonably low mark-up rate. He hoped the agriculturists, who would take benefit of the scheme, would have a capital of Rs20 million after paying back the loan in five years.

He said the proposed industrial package would be meant to meet the challenges of the World Trade Organization order to be implemented in 2005. The government was working on a relief package to address the crisis being faced currently by the sugar industry, he said.

The minister hinted at providing a subsidy to the sugar industry besides encouraging the chocolate industry so that the surplus sugar could be disposed of properly. He said the government had selected some five chocolate factories for the purpose.

Earlier, the minister visited the Multan Industrial Estate and observed that no-one could think of industrialization keeping in view the dilapidated infrastructure of the estate. He announced that the chief minister had enhanced his grant of Rs75 million for the uplift of the estate to Rs104 million.

The minister also approved an allocation of 50 acres at the industrial estate for the powerloom industry so that the units of this cottage industry be shifted from the city.

He said the Punjab government had set a target of an earning of $10 billion in the next five years from the export of untraditional items. He claimed a foreign exchange of $500 million could be obtained from the fan industry of Gujrat.