Lahore: In a bid to stimulate industrial development, the Punjab government is set to introduce a long-term industrial land lease policy, offering 30-year performance-based leases. This initiative, outlined by Secretary Industries, Investment, and Commerce Punjab, Muhammad Umar Masood, aims to benefit Special Economic Zones and other industrial estates across the province. The policy is expected to be officially announced before Ramadan.

According to Lahore Chamber of Commerce and Industry, the announcement was made during a meeting at the Chamber, where LCCI President Faheem-ur-Rehman Saigol highlighted the declining industrial sector in Punjab. Saigol emphasized the need for collaborative efforts between the Chamber and the Industries Department to promote industrial growth. He pointed out challenges such as high business costs, policy rates, and taxation, which are prompting companies to relocate abroad.

The meeting also addressed the declining share of industry in GDP and negative growth in large-scale manufacturing. Saigol urged for federal intervention to abolish the Sindh Infrastructure Development Cess and called for incentives for Punjab's agro-based industries to boost national exports. He stressed the importance of financial support for environmental compliance, electric vehicle promotion, and skill development programs.

Secretary Masood underscored the importance of government and chamber coordination for addressing industrial challenges. He noted that Punjab Chief Minister Maryam Nawaz Sharif has prioritized industrial growth as part of the province's economic strategy. Masood praised the industry’s role in environmental compliance and announced plans for a technology-based system to streamline inspections.

The Secretary also expressed concern over the underutilization of the Rs. 5 billion zero-percent financing scheme for environmental improvements, inviting chambers to provide feedback for enhancing the scheme.