KARACHI, June 1: The upcoming Sindh budget will be “tax free as well as investment friendly” aimed at further promoting industrialization and luring more foreign investment in the province.

This was stated by Sindh Minister for Finance and Planning, Dr Abdul Hafeez Shaikh at the inauguration of Printpak 2002 Exhibition, organized by the Pakistan Association of Printing and Graphic Arts and Industry (PAPGAI) at the Expo Centre on Friday night.

“We have adopted almost same philosophy as adopted earlier in finalizing the 2002-2003 budget by making it more attractive for industrialists and businessmen,” he said.

The government has decided to take a back seat so that businessmen could conduct their business in free environment in a deregulated economy. He recalled that total taxes were brought to 11 from 23 last year. Out of a total 26 various agencies, which used to visit local industries a year back, 20 have been done away with.

In response to PAPGAI’s demand of setting up a training institute, he urged the private sector to take the lead instead of relying on the government.

Hafeez said it is good to see that PAPGAI members are entering into joint ventures with Chinese and Korean counterparts.

He said the Sindh government is planning to set up a mission, which will visit China and Korea in August and September this year in order to present a brighter side of province’s investment scenario and bringing more foreign investment.

Regarding problems pointed out by PAPGAI chairman, he urged the printers to meet him next week so that their problems could be taken up with the federal government before the federal budget.

Earlier, Chairman PAPGAI, Ghayas Ahmed Pirzada said that customs duty on paper and board is termed as a finished product while it should have been termed as a semi-finished product as it is a raw material. He said that the tariff rates in this sector must be lowered to make the local reading material less expensive and to increase exports of high quality finished products.

He was of the view that the Export Promotion Bureau (EPB) should send delegations and representatives of the printing industry on official visits abroad.

Owais Mirza Jamil, Chairman of the exhibition committee, also spoke on the occasion.

The exhibition will remain open for general public from June 1 to 3, and the entrance to the Expo Centre is allowed from National Stadium side.