Chief Minister Launches PIVOT Economic Transformation Plan for Punjab

Key Points:

Chief Minister Maryam Nawaz Sharif launched the PIVOT economic transformation plan in Lahore on Friday.
The three-year plan targets 162,000 new jobs and a $6.8 billion rise in exports.
Government investment of Rs1,089 billion and private investment of Rs906 billion are envisaged under the plan.
Concessional loans of Rs300 billion will be offered to industry at zero to five per cent.

LAHORE: Chief Minister Maryam Nawaz Sharif launched PIVOT, a three-year economic transformation plan for Punjab, at a ceremony here on Friday, promising 162,000 new jobs and a $6.8 billion increase in exports, officials said.

PIVOT stands for Punjab Innovation for Value, Opportunity and Transformation. The plan covers industry, agriculture, tourism, skills and technology under the Punjab Economic Transformation Plan 2026-29.

The chief minister also launched the STEP portal for the programme at the ceremony, which was attended by State Bank Governor Jamil Ahmad, Pakistan Business Council members and leading industrialists.

Chief Secretary Zahid Akhtar Zaman said the PIVOT secretariat would be set up in the Planning and Development Department, with a PIVOT cell in his office. He said deputy commissioners would be the programme’s focal persons in every district.

The government will invest about Rs1,089 billion in the plan, while Rs906 billion is expected from the private sector. A sum of Rs753.7 billion has been allocated to strengthen the industrial sector.

Industrial projects will receive concessional loans of Rs300 billion at zero to five per cent under the STEP financing programme, the chief minister said.

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Jobs, exports and skills

The plan targets 162,000 new jobs over three years, with an increase of $6.8 billion in exports. Under its skilling component, 402,060 people will receive training.

PIVOT in numbers: the plan’s investment, jobs, exports and training targets.

Ms Sharif said she did not wish to shut anyone’s business. “I do not feel like closing anyone’s business, but there will be no compromise on standards,” she said.

“I do not feel like closing anyone’s business, but there will be no compromise on standards,”

She said Punjab had a workforce of 36 million and every industry demanded skilled labour. The province had provided 400,000 skilled workers and 600,000 more would be provided, she added.

She said loans of about Rs200 billion had been issued under the Asaan Karobar scheme. More than 200,000 people had obtained no-objection certificates and other permits through e-Business, according to the chief minister.

The chief minister said Punjab had widened the tax net instead of imposing any new tax. She said the province’s revenue was rising from Rs200 billion towards Rs1 trillion.

Agro parks, tractors and red tape

Four agro-processing parks will be set up in Sargodha, Khanewal, Okara and Bhakkar. The parks will facilitate investment in fruit processing, cold storage, grading and other value-added activities, she said.

She said only 3,000 tractors were given during the past 20 years, while the target of 45,000 tractors would be met this year. Farmers were also receiving tractors and super seeders on subsidy, she added.

Tractors then and now: 3,000 in 20 years against a target of 45,000 this year.

Before launching PIVOT, she said, she had taken a pledge from every department to end red tape. She appealed to the banks to ease their rules for providing business finance.

She said land in industrial estates and economic zones would be given to industry on monthly leases of Rs80,000 to Rs200,000. More than 1,200 startups were already running in Punjab, she added.

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The industrialists welcomed the launch and assured the government of their full cooperation. Industrialist Mian Mansha praised the improvement in law and order in the province, while Arif Habib announced the construction of Pakistan’s tallest building at Lahore CBD One.

Senior Minister Marriyum Aurangzeb, who presented the three-year plan at the ceremony, said the partnership between industry and government was being given practical shape in line with the chief minister’s vision.