New industries to get 10-year tax exemption

RAWALPINDI - The business community will be taken into confidence before drafting any new trade policy in future and business policies would be drawn for a period of five years. The Govt is committed to provide 10 years tax exemption to the industries that are going to be established in the new economic zone.
Federal State Minister and Chairman Board of Investment Saleem H Mandviwalla stated this while addressing the business community during his visit to Rawalpindi Chamber of Commerce and Industry.
He said that Government was making utmost efforts to get foreign investors to invest in Pakistan and five German companies had showed their interest in this regard. He further said that BoI and RCCI both work together for the betterment of the business community in the region.
The minister applauded the RCCI contribution in strengthening national economy and praised the steps of RCCI for organising an industrial expo in Argentina for March 2010.
He said that mutual understanding between the business community and the government was necessary for the economic uplift of any country.
Every possible facility will be provided to traders and industrialists for promoting Pakistani goods in the global markets, he added.
RCCI President Kashif Shabbir, referring the textile industry, said that it is the need of the hour to promote other sectors to boost the export volume. He said that it was the duty of the government to provide a secure business environment for businessmen.
It is correct that the Government is striving hard to bring foreign investors but it is also worth mentioning here that the local investors are unwilling to invest in the same country owing to bad law and order situation and unprotected atmosphere, he added.
He informed the BoI chief of the business achievements of RCCI in Central Asian States.
He said that two MoUs have been signed with the chambers of the Central Asian States that would definitely help promote trading activities among the said states.
The meeting was also attended by RCCI SVP Syed Ali Raza Saeed, RCCI VP Khawaja Abdur Rashid Waien, former RCCI Presidents Tariq Mehboob Kiyani, Abdur Rauf Ch and Asad Mashadi, and members of the executive committee.