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Investors exempted from customs duty, taxes to expedite energy projects

Investors exempted from customs duty, taxes to expedite energy projects

LAHORE: The Punjab government has exempted investors from customs duty, income tax and other taxes in order to expedite energy projects so that with the cooperation of China as well as local and foreign investors, the province could get rid of energy crisis.

This was stated by Provincial Minister for Energy & Minerals Sher Ali Khan while addressing a delegation of local and foreign investors.

Khan said that government is making all-out efforts to overcome energy crisis besides exempting local and foreign investors from customs duty, income tax and other taxes.

It was therefore the response of local and foreign investors is very encouraging and it will help early completion of energy projects to provide relief to the people.

The minister said that 30 billion rupees have been allocated for energy sector in Punjab. He said a power park will be established at Gadani at a cost of Rs.160 billion.

He said that the government has paid 480 billion rupees of circular debt within its first 50 days.

The minister said that the Quaid-e-Azam solar park is being established in Cholistan over an area of 7500 acres of land and work is also continued for energy generation with hydle power, biomass and biogas. He said Norico International is setting up a 300-megawatt solar power project in Cholistan which will be completed in 12 months, while a Chinese company TBEA will establish another solar power plant of 1000 megawatts. He said that 5-10 megawatts biomass projects will start soon. He said that setting up of Provincial Energy Commission and sub-committees will be helpful in the completion of power projects without delay. He said that effective monitoring will be ensured from the beginning till completion of every power project. The minister said that the work on Nandipur Power Project is being started again. He said that streetlights of Main Boulevard Gulberg Lahore will be converted to solar power within a few days and later project of converting home appliances to solar power will be started.

He said that setting up of power plant by the All Pakistan Textile Mills Association in Gadani will be helpful for the uplift of industry and economy. He said fast track efforts are being made in Punjab for the completion of power projects. Investors appreciated the untiring efforts of Chief Minister Muhammad Shahbaz Sharif for controlling electricity crisis and assured their full cooperation in this regard.