Saudi investors offered 10-year tax waiver | The Express Tribune

LAHORE:

A Saudi Industrial Estate will be established in Punjab with 10-year income tax exemption and a one-time customs duty waiver for the investors.

Chief Minister Maryam Nawaz Sharif announced the plan during her meeting with a delegation of the Saudi-Pak Joint Business Council.The delegation was given a briefing on the public welfare projects of the provincial government,

Welcoming the delegation led by Pak-Saudi Business Council Chairman Prince Mansoor bin Muhammad bin Saad Al Saud, the chief minister informed its members about the vast investment opportunities in Punjab, and expressed her happiness over their meetings scheduled with representatives of the banking, livestock, meat export and chemical sectors.

She said a special fast track would be established in the CM Office for the Saudi Industrial Estate.

She said here were vast investment opportunities in the Special Economic Zone in energy, agriculture, mines, tourism and logistics among other sectors, adding that skilled and tech-savvy youth were excited about business partnership with Saudi investors in agriculture, industry and IT.

According to a statement, participants of the Saudi delegation expressed interest in the local livestock, mines, infrastructure, meat, IT and other sectors.

Chief Minister Maryam Nawaz expressed the desire to form joint working groups between Pakistan and Saudi Arabia in priority sectors.

The Punjab Mass Transit Authority offered to provide services for the operation of the metro train in Makkah.

She added that during her last meeting with Saudi Crown Prince Mohammed bin Salman, investment, technology, energy and people-to-people ties were discussed.

The chief minister acknowledged Saudi Arabia’s compassionate attitude towards the people of Punjab during recent floods.

She highlighted that Pak-Saudi practical partnership can be promoted through 30, 60 and 90-day action plans with clear goals.

The chief minister also mentioned the Central Business District project in Lahore.

The chairman of the Pak Saudi Business Council said the delegation would thoroughly review the mining opportunities in Punjab.