RAWALPINDI: Punjab government will give tax exemption to private firms investing in the Rawalpindi Ring Road project.

This was stated by Commissioner Rawalpindi retired Capt Mohammad Mehmood at an investors’ conference held here on Tuesday.He informed the participants about the tax exemption and investment opportunities in the mega project which is going to be launched under the public-private partnership basis.

The investors conference was held at Rawalpindi Gymkhana in which more than 80 representatives of over 20 local and foreign construction companies and investment institutions participated.

The commissioner said the Ring Road project had a special attraction for investors as there is no major obstacle in the project. Most of its track passes through arid and barren lands; therefore, there is no major issue in land acquisition.

Participants of investors’ conference told that govt and political parties are keen to see work on project launched

The provincial and federal governments and all political and social circles are keen to see work on the project launched and completed at a fast track.

The commissioner said the Ring Road would directly connect the cities of Rawalpindi, Islamabad and Attock while residents of Chakwal and Jhelum would also benefit from it. The importance of the project would be multiplied once it becomes a part of the China akistan Economic Corridor (CPEC) route.

“The construction period of the 66.3-km-long road is two years while the revenue generated from the project for a period of 25 years will go to the investor. Its maintenance and operation will also be the responsibility of the investor,” he said.

He said the Ring Road project would not only solve the traffic problem but also increase economic activities in Rawalpindi and Islamabad which would prove to be a game changer for the city of Rawalpindi.

He said the purpose of holding the conference was to inform investors about the project before the bidding process started and get their feedback and their suggestions.

He informed the investors that the feasibility report of the project had been prepared, no-objection certificates (NOCs) obtained from different agencies, including the Environment Department, land has been demarcated and Rs6.2 billion allocated by the government for land acquisition.

The project is in the final stages of approval by the Public Private Partnership Authority.

The participants expressed keen interest in the project and discussed details of investment, traffic and its annual increase, government taxes and other issues.

The companies which participated in the conference included China Road and Bridge Corporation, China Construction and Engineering, China Shandong International, NLC and China Gezhouba Group, Habib Rafique Private Limited, FWO, Habib Construction Services, ZKB Engineers and Contractors, China Railways Construction Corporation, French company Vinci, Norinco International Corporation, China State Construction Engineering Corporation, Syno Hydro (Power China), SKB Construction and Pak-China Investment Company.

Representatives of chambers of commerce and industry of Rawalpindi and Islamabad also participated.

Published in Dawn, January 20th, 2021