Punjab Chief Minister Maryam Nawaz on Wednesday launched the Chief Minister Pink Salt Value Addition Financing Scheme.
It aimed at promoting industry, employment and exports through value addition of the province’s pink salt reserves.
The chief minister also digitally inaugurated the scheme. She announced the establishment of a 110-acre Pink Salt Mineral Processing Zone near Quaidabad.
Officials made a detailed briefing at the launch ceremony. Officials informed Maryam that department will establish more than 200 processing units in the zone. It will attract an investment of Rs150 million and creating 10,000 direct employment opportunities.
The briefing said the department will establish Business Facilitation Centre and a Model Retail Outlet to facilitate investors.
Under the financing scheme, new investors will be eligible for interest-free loans of up to Rs50 million for salt processing. And grinding, refining, cleaning and packaging. Loans ranging from Rs5 million to Rs50 million will also be available for the purchase of machinery. And equipment and export-standard technology, with repayment in easy instalments over five years.
Pink Salt Loan Scheme:
Officials informed the chief minister that value addition and increased exports of pink salt could generate $300 million in annual foreign exchange earnings.
The briefing further stated that department received bids worth Rs471 million in the first phase. It already received offers amounting to Rs2.5 billion in the second phase. The digitalisation of lease and licence auctions by the Mines and Minerals Department had led to a significant increase in revenue.
Investors can submit online applications through the Mines and Minerals Department’s website.
Speaking on the occasion, CM Punjab said the Pink Salt Loan Scheme would create employment opportunities and enhance government revenue by promoting industrialisation and exports based on Punjab’s pink salt reserves.
She said pink salt products would now carry the label “Made in Pakistan”, adding that the country’s natural resources becomes a national trust. The government will protect it with complete honesty and responsibility.
The chief minister said the value addition initiative would help increase global exports of processed, packaged and decorative pink salt products.
She added that Punjab had been blessed with some of the world’s finest pink salt reserves. “Pakistan’s pink salt was internationally recognised for its quality and unique mineral composition.”
