6/10/13

SIEM 642.60/50 30.60 SITC

MoI seeks to grant two new units pioneer industry status | Business Recorder
189.49/400 2.29 SNBL 7.00/2000 null SNGP 16.28/500 0.06 SSGC 15.51/500 0.29 All

Pakistan's Premier Financial Daily

Search...
Login Register

Home

Pakistan

World

Business

Markets

Market Data

Sports

Entertainment

Budget

Just in: Tokyo's Nikkei stock index closes up 4.94pc on w eaker yen (05:59)
You are here: Home

» Top Stories » MoI seeks to grant two new units pioneer industry status

MoI seeks to grant two new units pioneer industry status
July 29, 2012 MUSHTAQ GHUMMAN 0 Comments The Ministry of Industries is striving to ensure special incentives for two new units M/s Novatex Limited and M/s Astro Limited with a view to declaring them pioneer industry, well-informed official in the ministry told Business Recorder. The sources said the Economic Co-ordination Committee (ECC) of the Cabinet in its meeting on July 1, 2010 while considering a summary submitted by the Ministry of Industries approved criteria for grant of pioneer industry status. The incentives under the scheme are at par with existing incentives available to Special Economic Zones (SEZs) which include corporate income tax holiday for five years, duty-free import of capital goods and government commitment to provide infrastructure and utilities on priority to pioneer industry through concerned agencies/offices. As per the approved criteria/guidelines, the incentives under the pioneer industry in Pakistan are available to projects with Rs 500 million upfront investments excluding the cost of land. The scheme is aimed at introducing high technology in Pakistan with primary focus on import substitution and foreign exchange savings/earnings. In pursuance of the ECC decision, a technical committee has been constituted for evaluation of cases in the light of approved criteria/guidelines. Biaxially Oriented Polyethylene Teraphthalate (BOPET) is a polyester film made from stretched polyethylene teraphthalate and is used for its high tensile strengthen, chemical and dimensional stability, transparency, reflectivity, gas and aroma barrier properties and electrical insulation. Present consumption level is estimated between 14000 to 17000 tons per annum and its domestic demand is being met from imports by large scale consumers. It is used in packing, manufacturing and solar panels, LED/LCD televisions and monitor displays, etc. Small scale consumers are using other imported substitutes and are expected to switch to BOPET after local product becomes available. Expected local demand will increase after start of local production, which is estimated at 31000 tons per annum. M/s Novatex Limited, Karachi submitted an application to the Ministry of Industries for declaration of their BOPET film project as pioneer industry on September 20, 2010. The technical committee in its meeting held on March 29, 2012, constituted a sub-committee under the chairmanship of Joint Secretary (Admin) Ministry of Industries to visit and check physically the projects of M/s Novatex and M/s Astro Plastic and to submit its report. The sub committee submitted its report after visiting both sites ie M/s Novatex (Pvt) Limited and M/s Astro Plastic (Pvt) Limited and recommended declaration of both the projects as pioneer industry. Technical committee in its meeting on May 21, 2012 supported the recommendations of the sub committee for grant of pioneer industry status with benefits to both the units owning to similar technology, conformity with laid down criteria and identical expected date of completion. Ministry of Industries has ascertained the present status of both units as July 5, 2012. Novatex unit has commenced its production from, July 2, 2012. However, Astro Plastic unit has also been completed and is presently under testing by German engineers. The production is expected very soon. A couple of years ago, Ministry of Industries had got approval of special incentives for a project of Trans Polymers Limited (TPL), which did not materialise. Copyright Business Recorder, 2012
World Indices NY Closing The Rupee

Index
DJIA Nasdaq S&P FTSE DAX CAC-40 Nikkei H.Seng Sensex

Closing
15,248.12 3,469.22 1,643.38 6,411.99 8,254.68 3,872.59 12,877.53 21,575.26 19,429.23

Chg%
1.27 1.32 1.28 1.20 1.92 1.53 0.21 1.21 0.46

Updated at 5:00 am Pst

1 Search, all Jobs
jobrapido.com 5 New jobs today. Apply now! Work Receptionist United States

Text Ads China Wholesale

www.brecorder.com/top-stories/0/1221716/#

1/3

20 11.562bn $1.500 20.66 4.69 9.7% 10.808.000 11.brecorder.08 -0.130 bln $3.69 0.70 12.06 Change -0.624.32 -0.779 bln $2.06 Decliners Volume 24.623 bln Top Traded Symbol BIPL PIAA BOPR TRG FCCL Advancers Price 6.979.909 bln April Weekly Reserv es June 03.298.com Business Dissertation Services suknie ślubne Econom ic Indicators Market at Close Annual Foreign Debt Per Cap Income GDP Growth Av erage CPI 2011/12 $65.28 -0.08% Monthly Trade Balance Exports Imports $-1.com/top-stories/0/1221716/# 2/3 .372 3. 2013 $11.320.500 9.000 BUSINESS RECORDER: Pakistan News World News Business & Finance News Market News AAJ TV: Latest News World News National News Exclusive News Business News KHISTOCKS: Market today live Top 25 Live BRIndex Rules KSE30 Movement PLAY TV: Entertainment News Home Pakistan World Programs VJs Videos Markets Market Data Sports Entertainments Sports News e-Paper Business & Finance www.6/10/13 MoI seeks to grant two new units pioneer industry status | Business Recorder China Wholesale cheap evening dresses bryllupskjoler Share Oil Painting Reproductions Game Development Company China Products Offshore Software Development Cool Gadgets Abendkleider vetement homme pas cher GetDissertation.500 13.

com/top-stories/0/1221716/# 3/3 .6/10/13 Copyright Business Recorder. All rights reserved. Disclaimer Privacy Policy Terms of Use MoI seeks to grant two new units pioneer industry status | Business Recorder Contact Us Careers Help Site Map www.brecorder.

Sign up to vote on this title
UsefulNot useful