The Federal Government is firm on setting up Exports Processing Zones (EPZs) in different parts of the country, where special ten years tax holiday will be given to the industrialists, said the Minister of State on Investment and the Chairman, Board of Investment (BoI), Saleem H Mandviwala on Wednesday.
These EPZs equipped with modern facilities will not only attract foreign investment, but also help enhance industrial activities and eradicate poverty and unemployment, Mandviwala said while talking to the President, Rawalpindi Chamber of Commerce and Industry, RCCI, Syed Asad Mashhadi and senior executives of the chamber during his visit.
The Vice President RCCI, Imtiaz Chaudhary, former Presidents and a large number of business leaders of the region were also present in the meeting.
Mandviwala said that the Government wants to set up EPZs round the country in collaboration with different chambers, where complete infrastructure including roads, electricity, water, gas and telephone will be provided.
Besides all modern facilities, special ten years tax holiday will also be offered to the industry, which would establish its unit at the EPZs, he added. Concerned Chambers would be responsible for purchasing minimum 50 acres of land for EPZ and to hold development work inside the zone, while a board comprising the President of the Chamber would be the decision making body regarding EPZs, he said.
He suggested that the plots of those industrialists, who will fail to establish industry in these EPZs within the stipulated period o time, might be cancelled. The State Minister further said that the purpose of setting up BOI was to attract foreign and domestic investors by creating business friendly environment and boosting up their confidence.
The price reduction of many major items like petroleum and steel caused hindrance in fulfilling the targets of the FBR, however harassment from any tax officials would never be tolerated at any cost, he added.
The Chairman BoI told the meeting that the first-ever gold refinery of the country, is being established at Sundar Industrial Estate Punjab by the private sector. Addressing the occasion, Asad Mashhadi said that due to political instability and worsening law and order situation, local investors are reluctant to invest in the country. How can they show their confidence here, he questioned.
He called upon political forces of Pakistan to shun the difference and work together to bring stability. He said that the business community is making efforts to survive the hard time, however the FBR is pressurising them to achieve the collection targets. If the government could provide conducive atmosphere, the private sector would not only provide maximum employment to the people but also generate revenues for the country, Mashhadi added.