Ease of doing business: Punjab framing new industrial policy
Will launch one-window operation soon to facilitate new investors
Representational image. PHOTO: REUTERS
FAISALABAD:
A new provincial industrial policy, aimed at facilitating small and medium enterprises (SME), is being framed to ensure ease of doing business in order to achieve 10% annual growth.
Addressing business community at the Faisalabad Chamber of Commerce and Industry (FCCI), Punjab Minister for Industries, Commerce and Investment Mian Aslam Iqbal emphasised that the provincial government was seeking to create industrial-friendly environment. Iqbal compared the strategy to the federal government’s agenda and stressed that the provincial leadership was following in the footsteps of the Centre.
He announced the launch of one-window operation shortly for facilitating new investors. Earlier, the investors needed to deal with 19 federal departments and required NOCs from 26 provincial bodies for establishing a new industrial unit, he pointed out. “Following the initiation of the one-window operation, all NOCs will be issued under one roof,” the minister said. “If a department fails to respond within 10 days, it will be considered that it has issued the NOC.”
Iqbal disclosed that federal and provincial taxes would also be clubbed. Regarding collection of provincial taxes by different government departments, he recalled a longstanding demand to introduce an ‘inspector-less regime’ so industrialists and investors could work without any hassle.
Pointing to the SME sector, Iqbal revealed that a plan was being finalised which would be announced by the end of February or early March.
“Loans of up to Rs3 million will be provided to the educated and qualified youth for starting their own enterprises,” he said, adding that Rs6 billion had been earmarked for the purpose, which would be disbursed over the next five years.
“Similarly, the Punjab government will also enable the SME sector to take benefit of various schemes introduced by the State Bank of Pakistan,” he said.
Published in The Express Tribune, February 1st, 2019.
A new provincial industrial policy, aimed at facilitating small and medium enterprises (SME), is being framed to ensure ease of doing business in order to achieve 10% annual growth.
Addressing business community at the Faisalabad Chamber of Commerce and Industry (FCCI), Punjab Minister for Industries, Commerce and Investment Mian Aslam Iqbal emphasised that the provincial government was seeking to create industrial-friendly environment. Iqbal compared the strategy to the federal government’s agenda and stressed that the provincial leadership was following in the footsteps of the Centre.
He announced the launch of one-window operation shortly for facilitating new investors. Earlier, the investors needed to deal with 19 federal departments and required NOCs from 26 provincial bodies for establishing a new industrial unit, he pointed out. “Following the initiation of the one-window operation, all NOCs will be issued under one roof,” the minister said. “If a department fails to respond within 10 days, it will be considered that it has issued the NOC.”
Iqbal disclosed that federal and provincial taxes would also be clubbed. Regarding collection of provincial taxes by different government departments, he recalled a longstanding demand to introduce an ‘inspector-less regime’ so industrialists and investors could work without any hassle.
Pointing to the SME sector, Iqbal revealed that a plan was being finalised which would be announced by the end of February or early March.
“Loans of up to Rs3 million will be provided to the educated and qualified youth for starting their own enterprises,” he said, adding that Rs6 billion had been earmarked for the purpose, which would be disbursed over the next five years.
“Similarly, the Punjab government will also enable the SME sector to take benefit of various schemes introduced by the State Bank of Pakistan,” he said.
Published in The Express Tribune, February 1st, 2019.