Punjab formulates new plan

Sialkot: Punjab government has formulated a well-knitted plan costing Rs 1.70 billion for advancement of industrial sector and development of cottage industries in the Punjab province, official sources said.

Out of this total Rs 1.30 billion would be spent on the development of industrial sector while Rs400 million would be mobilised on cottage industry for further accelerating the pace of economic activities with the concept of increasing the export-volume in the Punjab.

Under the programme special attention would be accorded on the establishment of maximum industries in private sector for creating wide employment opportunities for jobless educated and skilled persons in the Punjab.

In order to cope with unemployment, the government was considering establishing mini industrial estates in far-off areas not only for the promotion non-traditional products but also for the creating employment opportunities for skilled and semi-skilled persons at their doorsteps. The setting up of these states would also help in mitigating chances of rapid rural migration towards urban areas of the province.

The government has already introduced business-friendly policies for ensuring maximum establishment of industries in private sector and to expand the radius of setting up industries to rural areas for bringing industrial revolution in the Punjab.

Under the programme government would extend full co-operation and facilities to the foreign and overseas Pakistanis investors aimed at ensuring maximum Direct Foreign Investment (DFI) in the Punjab. While exporters and manufacturers were being motivated for bringing innovation and diversification in their products cope with global market more easily sources added.

In order to facilitate the SMEs the Punjab government would soon initiate a 'Micro Finance' loaning scheme with an amount of Rs1 billion during current fiscal period for the development of cottage industries and creating self-employment opportunities in the province.

The concept of introducing of this scheme was to extend loan facilities to the interested persons for setting up small scale and cottage industries in the Punjab.