Lahore: Chief Minister Punjab Maryam Nawaz Sharif announced a series of reforms on Friday aimed at modernizing the province’s industries, enhancing the business environment, and equipping the youth with necessary skills to match industrial demands.
According to Directorate General Public Relation – Govt of Punjab, the announcement was made at the launch ceremony of the Punjab Innovation, Entrepreneurship and Technology (PIET) initiative. The Chief Minister emphasized Punjab’s significant role in the national economy, asserting that industrial growth is reliant on modern technology, a skilled workforce, and a business-friendly climate.
The government has distributed loans totaling approximately Rs200 billion through the Asaan Karobar Scheme, with over 200,000 individuals obtaining essential approvals via the e-Biz platform. Punjab’s 36 million-strong workforce is increasingly sought after for skilled labor, prompting the government to train 400,000 workers, with plans to train an additional 600,000.
Over 1,200 startups are currently operational in Punjab, alongside 50 common facilities aimed at fostering industrial clusters. The government has consolidated skill development initiatives to enhance training accessibility. Environmental sustainability remains a priority, with the Chief Minister advocating for strengthened inspections to ensure compliance with standards without jeopardizing employment.
Revenue growth is another focal point, with Punjab’s revenue reportedly increasing fivefold to Rs1 trillion. The government aims to broaden the tax base while simplifying bureaucratic procedures to bolster business financing. Anti-corruption measures include dismissing officials found guilty of bribery.
The Chief Minister highlighted the lack of local certification facilities as a barrier for manufacturers, leading to reliance on foreign entities for product testing. Efforts are underway to establish local testing facilities to address these challenges and attract international buyers.
Industrial land will be leased at competitive rates to promote manufacturing, while initiatives to remove encroachments and provide designated spaces for street vendors are underway. Agricultural reforms include plans to distribute 45,000 tractors this year, with subsidies on modern machinery to boost productivity.
The Chief Minister concluded with a call for a stable business environment, noting that frequent disruptions hinder economic activity. Emphasizing the dual goals of economic prosperity and public health, she reiterated the government’s commitment to maintaining quality standards while fostering business growth.