The government has accorded special attention to the promotion and development of cottage industries and for this purpose Rs 400 million would be spent to accelerate the pace of exports and enhance the productivity level in Punjab. Official sources told Business Recorder here on Sunday.
Sources added that the setting up of mini industrial estates in remote rural areas is also on the cards aiming at promoting non-traditional products being produced in these areas and generating employment opportunities for skilled and semi-skilled people on their doorsteps in the province.
To boost industrial sector in current fiscal year Rs 1.30 billion are being spent in the province, sources added. In order to facilitate Small Medium Enterprises (SMEs) Punjab government would soon initiate a 'Micro Finance Loan scheme' with an amount of Rs 1 billion during current fiscal period for the development of cottage industries and create self-employment opportunities in the province, sources said.
The concept of introducing of this scheme is to extend loan facilities to the interested persons, who are willing to set up small scale and cottage industries in Punjab.
Moreover, sources said that the government has already introduced business-friendly policies to attract private sector, which could greatly help establish industries, especially to expand the radius of setting up industries in the rural areas for bringing industrial revolution in Punjab, sources maintained. In addition, they said that the local business community has urged the concerned authorities and Trade Development Authority of Pakistan (TDAP) to encourage foreign investors, so that they could invest in Sialkot Export Processing Zone (SEPZ), which is the second biggest zone of the country.
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