Punjab CM unveils reforms to boost investment, modernise industries

LAHORE - Punjab Chief Minister Maryam Nawaz Sharif unveiled reforms aimed at modernizing industries, enhancing the business environment, and equipping young people with skills to meet industry demands. At the launch of the Punjab Innovation, Entrepreneurship and Technology (PIET) initiative, she highlighted Punjab's significant role in the national economy.

Industrial growth, she emphasized, hinges on modern technology, skilled labor, and a business-friendly environment. The government has issued loans amounting to Rs200 billion under the Asaan Karobar Scheme, and more than 200,000 people have obtained approvals through the e-Biz platform. With a workforce of 36 million, Punjab's industries are increasingly seeking skilled labor, and the government has trained 400,000 workers, with plans to train another 600,000.

Over 1,200 startups are currently operating in Punjab, and 50 common facilities have been integrated to develop industrial clusters. The government is also focusing on environmental monitoring to ensure sustainable industries without shutting down factories. It has consolidated skill development programs and is working on strengthening inspections and encouraging industrial units to meet environmental standards.

The CM pledged to eliminate red tape across departments, urging banks to simplify financing procedures. She noted that Punjab manufactures products like cutlery and fans, but often has to send them overseas for glazing, material testing, and noise testing due to the lack of local certification facilities. The government plans to address these gaps and strengthen local testing facilities.

Industrial estates and special economic zones have largely become real estate ventures, and the government aims to provide land for industrial use at subsidized rates to encourage manufacturing. Additionally, longstanding illegal occupations have been removed, and designated spaces have been created for street vendors to maintain road accessibility.

In agriculture, the government plans to distribute 45,000 tractors this year, compared to only 3,000 over the past two decades. Modern agricultural machinery is being introduced, and farmers are being provided tractors and super seeders at subsidized rates. The CM stressed the importance of a stable business environment, emphasizing that protests, unrest, and vandalism disrupt economic activity and endanger workers and businesses.

She reiterated that the government aims to ensure business flourishing while maintaining quality standards and public health.