LAHORE: Commerce Adviser Abdul Razak Dawood has announced that duty on the import of raw materials for industries is being reduced by six per cent from Jan 1, 2021.

“The reduction of import duty on raw materials will benefit the industry. I am the representative of industrialists in Islamabad and will help resolve all their genuine problems,” Dawood said while speaking to industrialists of Punjab in a meeting at the Civil Secretariat on Saturday.

Flanked by the Provincial Minister for Industries and Trade Mian Aslam Iqbal, the adviser heard the issues the industrialists have been facing. The provincial minister also gave a detailed briefing on the promotion of industrialisation in Punjab and future strategy.

“The industrialists should give suggestions for long-term planning of industrialisation,” Mr Dawood said, adding that state-of-the-art testing lab should also be established in Lahore. He said the areas where industries are located should be declared industrial estates so that industry could take benefit.

Four special economic zones being set up in Punjab

He said the business community should take benefit of the government’s temporary economic refinance facility for importing machinery and the scheme of the federal government worth Rs100bn would continue till March 31, 2021.

Mian Aslam said the mapping of the new areas had been done in collaboration with urban unit for setting up new industries in Punjab. “For the first time in collaboration with the private sector, four special economic zones are being set up in the province,” he added.

Secretary Industries Wasif Khursheed, Chair­man PIEDMC Nabeel Hashmi, President Lahore Chamber of Commerce and Industry Mian Tariq Misbah and presidents of other chambers of the Punjab were also present in the meeting.

Published in Dawn, December 27th, 2020