Punjab Approves Expansion of Three Special Economic Zones

The Punjab Special Economic Zones Authority has approved the expansion of M-3 Industrial City, Smart Special Economic Zone, and United Business Park Special Economic Zone during its 11th meeting held in Lahore. The session was chaired by Provincial Minister for Industries and Commerce Chaudhry Shafay Hussain. Expansion proposals will be forwarded to the Investment Board in Islamabad for final approval. Officials highlighted that Special Economic Zones offer major incentives to investors, including a ten-year income tax exemption and duty-free import of machinery. The minister noted that rapid industrialization is driving demand for additional land in SEZs, with new industrial units being set up at a fast pace. Authorities stressed that industrial plots must be utilized within two years, otherwise cancellation action will be taken in line with policy.