Lahore: Punjab Chief Minister Maryam Nawaz announced the establishment of a tax-free special Saudi industrial estate in the province.
A delegation led by the Chairman of the Pak-Saudi Business Forum, Mansoor bin Muhammad bin Saad Al Saud, met with Punjab Chief Minister Maryam Nawaz in Lahore, where the Saudi delegation was given a detailed briefing on the significant initiatives and projects of the Punjab government.
The Saudi delegation described the public welfare projects in Punjab as commendable, while Chief Minister Maryam Nawaz also informed about the vast investment opportunities in Punjab and the participants of the Saudi delegation expressed interest in livestock, mining, infrastructure, meat, IT and other sectors in the province.
Chief Minister Maryam Nawaz announced the establishment of a special Saudi industrial estate in Punjab. A 10-year tax holiday, 10-year income tax exemption and one-time customs duty exemption in the Special Economic Zone for Saudi Arabia will also be given in the Saudi Industrial Estate. A special fast track will also be established in the Chief Minister’s Office for the Saudi Industrial Estate.
The delegation was offered to provide services for the Punjab Mass Transit Authority’s famous and holy metro train operation in Mecca.
Maryam Nawaz said that they are following a “zero time to start” policy to promote investment, and the historic defense agreement between Pakistan and Saudi Arabia is a manifestation of the unwavering commitment to protect the two holy mosques.
She said that Punjab is like the backbone of Pakistan’s economic development, Saudi investment will be welcomed, there are vast investment opportunities in the Special Economic Zone in energy, agriculture, mines, tourism and logistics, and the 120 million people of Punjab are enthusiastic about the partnership of the Saudi brothers.
She said that the young and skilled workforce of Punjab is waiting for Saudi partnership in agriculture, industry and IT, and Punjab’s clear policy for investment is “no delay, immediate delivery”.
Maryam Nawaz said that joint working groups should be formed between Pakistan and Saudi Arabia in priority sectors, and Pak-Saudi practical partnership could be promoted through a 30, 60 and 90-day action plan with clear goals.
She said that Pakistan’s first business central district is being built in Lahore, and Pakistan is the second country of Saudi Arabia.
On this occasion, Chairman Pak-Saudi Business Council Mansoor bin Muhammad bin Saad Al Saud said that Pakistan is a supportive country, and it will be a good fortune to cooperate. They have come not only to invest in Pakistan but also to help and assist their Pakistani brothers.
She said that they thank you for the wonderful hospitality and goodwill in Lahore, and that Pakistan is among the top three partners of Saudi Arabia.
The Saudi delegation said that they will thoroughly review the mining opportunities of Punjab.