Approval of Small Industrial Estate Policy 2023: PSIC Office

LAHORE: On Tuesday, the 122nd Board of Directors of Punjab Small Industries Corporation (BoD-PSIC) was chaired at the PSIC Office under the chairmanship of interim Provincial Minister for Commerce and Industry SM Tanveer.
The Punjab Small Industrial Estate Policy 2023 and a few administrative and financial problems were approved at the meeting.

Following the policy, the transfer allocation charge was decreased from 03 to 1.5 percent.
The initial down payment for reserving a plot in a small industrial park was also lowered from 60% to 40% in the meeting.
The policy calls for several actions to hasten the colonization of industrial estates.
Preliminary permission has guaranteed the development of a SMEDA (Small and Medium Businesses Development Authority) facility and training center at the small industrial estate and also included a strategy for the envisaged facility and training center.
The meeting approved the consulting agreement for the IDAP’s (Infrastructure Development Authority of Punjab) ongoing PSIC House project.

Provincial minister SM Tanveer mandated the full implementation of the finance department’s pension scheme.
Industrial estate colonization was essential for fostering commercial and economic activity.
He added that providing subsidized plots was to build companies and generate employment.
Every effort would be made to hasten the colonization process.
He clarified, “The real estate business is prohibited in industrial estates.”