Lahore Technopolis to get incentives including tax exemption for 10 years: CM Punjab

LAHORE: Chief Minister Punjab Sardar Usman Buzdar has regretted that the previous government had not done any practical work on the Lahore Knowledge Park project for 10 years and 790 acres of land was left forsaken. It constructed only boundary walls and gates; he regretted and emphasized that the PTI government has been honoured to start work on a special technology zone, the Lahore Technopolis project. The Lahore Technopolis would spread over 400 acres of the total land and the infrastructure would be completed soon.

While addressing the launching ceremony on Thursday, he explained that Lahore has been chosen for the technopolis project keeping in view the abundant presence of industries and universities. This avant-garde initiative would create opportunities for necessary linkages between universities and the industrial sector to boost the use of modern technology for strengthening the national economy, he added. Easy access to this landmark project would be made possible and new employment opportunities would be created due to enhanced investment, he further said.

The CM announced that the Lahore Technopolis will avail necessary incentives under the Special Technology Zone Act – including tax exemption for 10 years. Zone enterprise would also be given a ten-year exemption from property tax and PRA services tax, he added. Similarly, the chief minister contended that other facilities like a specialized training center, one-window facilities, helpdesk for visas, subsidized or tax-free internet and electricity would also be provided. It’s sanguine that international entities from different countries are taking a keen interest in this project, he maintained. This project would also provide an opportunity for highly trained youth to play their role in industrial development and they would also get an opportunity to get employment opportunities abroad. As a result, this project would usher in a new era of development while proving a game-changer for the new generation, concluded the CM.

 

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