Wednesday, June 19, 2024

Solar Panels Factory to be Set Up in Punjab

Minister for Industries and Commerce, Chaudhry Shafay Hussain, has announced plans to set up a solar panel manufacturing factory in Punjab.

This announcement came during a meeting with a delegation from the Chinese solar company, Zonergy Corporation. The discussions focused on exploring investment opportunities and the various incentives available for foreign investors.

During the meeting, Shafay Hussain emphasized the special benefits that Pakistan offers to attract foreign investments.

These benefits include a 10-year exemption from income tax and the ability to import machinery without paying duties. These incentives are designed to make Pakistan an attractive destination for companies looking to invest in the region.

Zonergy Corporation’s General Manager, Shao Wei, attended the meeting and spoke about Zonergy’s extensive experience in the solar power industry.

He expressed the company’s interest in expanding its investments in Punjab, recognizing the region’s potential for growth in renewable energy. Shao Wei highlighted that Zonergy is eager to bring its expertise to Pakistan and contribute to the development of the local solar power sector.

In addition to discussing the solar panel manufacturing factory, the meeting also covered the development of Garment City near Lahore. This project is part of the broader strategy to boost industrial growth in the region.

The development of Garment City aims to create a hub for the textile industry, providing modern facilities and infrastructure to support garment manufacturing.

Furthermore, the meeting addressed the importance of security for foreign investors. Shafay Hussain reassured the delegation that the Pakistani government is committed to ensuring a safe and secure environment for all investors. Measures are being put in place to protect foreign businesses and their operations in Pakistan.

The establishment of a solar panel manufacturing factory in Punjab is seen as a significant step towards promoting renewable energy in Pakistan. It aligns with the country’s goal of increasing its reliance on sustainable energy sources and reducing its carbon footprint. The factory is expected to create numerous job opportunities and contribute to the local economy.

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