ISLAMABAD: The administration of Pakistan’s eastern province of Punjab on Saturday announced its decision to establish a Saudi Industrial Estate while offering a 10-year tax exemption to investors from the Kingdom, according to an official statement.
The plan was unveiled during a meeting between Punjab Chief Minister Maryam Nawaz Sharif and a delegation of the Saudi-Pak Joint Business Council in Lahore to discuss investment prospects in the province.
The delegation, led by Prince Mansour bin Mohammad Al Saud, arrived in Pakistan on Wednesday to hold talks with officials and business leaders to expand bilateral trade and investment ties.
The visit aimed to deepen strategic relations between the two nations following last month’s defense pact signed in Riyadh, under which aggression against either country would be treated as an attack on both.
According to a statement by the Punjab administration’s media wing, the chief minister highlighted business opportunities in the province during a detailed briefing for the delegation.
“She ... announced to establish a special Saudi Industrial Estate in Punjab, where a 10-year income tax exemption and a one-time customs duty exemption will be given to the potential Saudi investors,” the statement said. “A special fast track will also be established in the Chief Minister’s Office for the Saudi Industrial Estate.”
Sharif described the province as the backbone of Pakistan’s economy and said her government would welcome Saudi investments across key sectors, including energy, agriculture, mining, tourism and logistics.
During the meeting, the Saudi delegation expressed interest in projects in livestock, mining, infrastructure and IT, according to the statement.
It also said that Prince Mansour praised the Punjab government’s public welfare initiatives.
The chief minister called for the formation of joint working groups between Pakistan and Saudi Arabia in priority sectors to boost cooperation.
She said her administration’s policy for investors was one of “no delay and immediate delivery.”
