PM approves establishment of five economic zones in Punjab

[Shahzaz ud din]

PM approves establishment of five economic zones in Punjab
By
News Desk
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March 5, 2020
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Prime Minister Imran Khan has approved the establishment of five economic zones in Punjab. Out of the proposed special economic zones, four zones have been assigned to the Punjab Industrial Estates Development & Management Company (PIEDMC).

The PIEDMC has already completed the construction of three economic zones while the land has been acquired for the fourth zone in Bahawalpur.

PIEDMC Chairman Syed Nabeel Hashmi has lauded the PM’s decision, saying said that it was a step in the right direction, as it would facilitate local and foreign investors to import their machinery in all these economic zones without taxes and duties for ten years.

He also endorsed the PM that the establishment of these economic zones would not only provide facilities and incentives to the business community but would also usher a new era of development in the province.

“The decision is also in line with the vision of PM Imran to create 20 million jobs.”

He also thanked Punjab Industries Minister Mian Muhammad Aslam Iqbal for his support and guidance towards the industrialization in the province.

“These economic zones will be developed on the pattern of Sundar Industrial Estate in Lahore, where all infrastructure including electricity, roads, sewerage and other developmental facilities have been provided, keeping in view the international construction standards,” the PIEDMC chairman said.

“Upon completion of the economic zones, more than 200,000 jobless people will be employed directly while about one million would be facilitated indirectly.”

 

[Chakar The Great]

Approve??? This should be carried out on war footings, people need jobs. Without Industrialization country will never be able to get out of debt trap.

 

[FuturePAF]

Approve??? This should be carried out on war footings, people need jobs. Without Industrialization country will never be able to get out of debt trap.

Agreed, this should be top priority after our national security. Now that the Afghan war is drawing down (or shifting to civil war god forbid) and our military is holding back the menace on our eastern border, we should dedicate all possible national resources into planning and acquiring the means to get our economy growing.

We need 10% growth for 10 years or 8% over 13 years to catch up to where Turkey is now. I give the example of Turkey, because they did 8-10% growth over 10-15 years to get to ~$800 Billion GDP

This is very important because we won't have to take out IMF/World Bank Loans if we keep managing our money right, and we will become a G20 or nearly a G20 country. Once we enter the G20 rank, we will have some global importance, similar to Turkey. According a world bank report, if we focus on growth we can reach a GDP of $2 Trillion by ~2050 if we manage our economy well.