Punjab government has set aside Rs 8 billion for extending loan facility to SMEs, businesswomen and other interested persons for setting up new industrial units in the province.
Informed sources told Business Recorder here on Monday that so far Rs 2 billion had already been advanced out of this amount to SMEs and other interested persons for upgrading the existing industrial units as well as establishing new units in the province.
Under the programme, loan up to Rs 5 million can be obtained at 8.5 percent mark-up for setting new industries and upgradation of the industrial units in the province.
A detailed plan is being finalised for setting up mini estates on the pattern of Sunder industrial estate in major industrial towns of the province. The aim of setting up mini industrial estates was to further accelerate the pace of export activities as well as to promote local industries and work on this project would be carried out soon in the province.
The concept of development of these mini industrial estates was to further accelerate the pace of production and export activities as well as to promote local industries of certain industrial towns of the province. The government was making adequate efforts for the enlargement of industrial sector and foreign investment in the province.
As many as 750 items had been identified after great research for the business community of the province. The business community can produce easily and manufacturing of these items at local level can be started with very small capital in the province.
The government is stressing the businessmen that they should bring innovation in their products and focus special attention on diversification of products, especially non-traditional products, in the province.
JOB OPPORTUNITIES: The amplification of industrial sector would help create wide scope of employment for the jobless educated, skilled and semi-skilled persons in the province. The minimisation of unemployment was on top on the government agenda, which would only be tackled through the establishment of large-scale small and medium industries in urban and rural parts of Punjab.
The government had planned to establish small-scale agro-based industries in rural areas for enhancing the manufacturing of agricultural tools and to create job opportunities.
The Punjab Small Industries Corporation (PSIC) would extend full guidance, assistance and loan facilities to the interested businessmen and newcomers for initiating the production work on identified items, sources added.
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