President Asif Ali Zardari has stressed on the need to utilise the great economic potential and strategic location of Pakistan, along with its rich mineral resources and skilled manpower for the economic development of the country.
He said this while speaking at a ceremony held at the Presidency to congratulate the YPO on the launch of their Islamabad chapter on Monday.
Zardari said that the Special Economic Zone Bill 2012 was a gigantic step taken by the government to create a business and investor-friendly environment, and expressed hope that the new law would help reduce the cost of doing business and enhance the rate of return to investors, besides increasing exports and creating employment opportunities in the country.
The president informed that under the new law, all capital goods‚ machinery and equipment would be given a one-time exemption from customs duties and the entrepreneurs will also be exempted from income tax for 10 years. He also said that the incentives granted to investors would be protected by law to ensure continuity of economic policies and further strengthen the industrial base of the country.
President Zardari urged the YPO and the World Presidents Organization to take advantage of the new law as well as other incentives that the government was extending to investors and entrepreneurs.
