Pakistan's Board of Investment (BoI) has declared the Quaid-e-Azam Apparel Park in Punjab province as a Special Economic Zone (SEZ)
The apparel park is a state of the art project of the Punjab Industrial Estates Development and Management Company (PIEDMC) which is being constructed on 1,536 acres of land on Sheikhupura Motorway Road. The construction work is underway at a fast pace.
According to a statement, PIEDMC Chairman Malik Tahir Javed has hailed the federal government's decision of declaring its project as a SEZ, saying the Quaid-e-Azam Apparel Park would prove to be a milestone in the development of textile and garments sector.
He vowed completing the construction work, and selling of the plots at a very fast pace. He said the government has also approved an interchange on the motorway, before Sheikhupura, some 20 minutes from Lahore, to facilitate the industries in the park.
Javed said the Quaid-e-Azam Apparel Park would provide a tax holiday to zone developers for 10 years and five years for zone investors after getting the status of the SEZ. He said the PIEDMC was also trying to get the same status for its other industrial estates, as it would lead to ushering a new era of economic prosperity in the country. (SH)
Fibre2Fashion News Desk – India