The Board of Directors of Punjab Industrial Estates has decided to speed up the construction work of Vehari Industrial Estate so that it could be completed during the current financial year. The estimated development cost of Vehari Industrial Estate Phase-I would be Rs 1,000 million.
This is the third estate that would be completed during financial year 2012-13, following Rahim Yar Khan and Bhalwal Industrial Estates in the province, Punjab Industrial Estates Development and Management Company (PIEDMC) Chairman stated this while talking to newsmen after presiding over the Board of Directors' meeting.
He said that Board had given go ahead signal to certain measures which would expedite establishment of Vehari Industrial Estate very soon. The Punjab Chief Minister Mian Shahbaz Sharif has made special allocation of Rs 300 million for this project, he added.
Chairman PIEDMC S.M Tanveer said that Vehari Industrial Estate would be spread over 375 acres while the provincial government had already provided a state land for this purpose. It may be recalled that PIEDMC, which is premier infrastructure development organization of the province, is paying special attention to less developed areas and aims to establish 36 Industrial Estates in the province.
The company will develop infrastructure facilities like roads, electricity, water supply, waste disposal system and insist prospective industrialists to set-up their projects in Vehari Industrial Estate belonging to sectors like textile units, ginning, food processing, handicrafts, shoe industry, cottage industry, artificial jewellery, agro based industry, ware houses, to support industry of all these stated sectors, he added.
SM Tanveer said that all the industrial units set up at Vehari Industrial Estate would have income tax holiday for one year to the zone developers and five years to the zone investors. Besides that all formalities would be provided through one window operation.