January 10, 2022: Special Economic Zone committee of M3 Industrial City has approved three companies for zone enterprise status to catalyse economic activity in the province. These companies are expected to bring in investments worth almost Rs11.5 billion leading to the creation of over a thousand new jobs.
Punjab Board of Investment and Trade (PBIT), as Special Economic Zone Authority secretariat in Punjab, played a key role in the approval of this special zone enterprise status. The approval has been granted to the National Food Limited, Yamac Engineering (Pvt) Limited, and Haroon Corporation (Pvt) Limited.
The application for zone enterprise entry and allotment of land were submitted and processed via SEZ’s MIS Module designed by the Federal Board of Investment, the PBIT spokesman disclosed this to the media here Monday.
He added the module ensures transparency and facilitation and works as a one-window operation, a vision of the government to ensure ease of doing business. Along with the allotment of land, these enterprises are now entitled to SEZ’s benefits including tax and customs duties’ exemption, he maintained.
Located right on the motorway, M3 Industrial City promises easy access not only to the human resources but also connectivity with local and international markets through the motorway network. The modern features it offers for manufacturing, assembling, and product selling also make it an attractive choice for businessmen.
Meanwhile, Provincial industries and Commerce Minister Mian Aslam Iqbal has ordered the management to speed up the development works in the zone, and provide timely and best services to the customers through one window operations. He said industries with special enterprise status would be given one-time exemption on custom duty for machinery import and income tax exemption for 10 years.