Pink salt loans up to Rs50 million announced for Punjab businesses
Interest-free loans for pink salt businesses
The Punjab government has launched an interest-free financing scheme worth Rs5 billion to promote value-added pink salt products. Under the scheme, business owners can receive interest-free loans of up to Rs50 million.
The government will pay Rs1.456 billion in interest costs for the loans provided under the Pink Salt Value Addition Financing Scheme. The initiative is aimed at improving processing, branding and exports of pink salt.
First businesses receive loan cheques
Chief Minister Maryam Nawaz distributed cheques among 10 business owners who received financing under the scheme. She also directed officials to help more eligible businesses benefit from the programme.
Maryam Nawaz urged business owners to focus on value-added and branded products instead of exporting raw pink salt. She said products should be introduced in international markets under a Pakistani brand.
Pink salt processing zone planned
Officials briefed the meeting that a pink salt processing zone would be established on 110 acres in Quaidabad. The plan includes setting up 200 value-addition units in the proposed zone.
According to officials, the project is expected to create more than 10,000 jobs. Better processing, branding and packaging could also increase annual pink salt exports by up to $300 million.
Govt eyes bigger share in global market
Maryam Nawaz said pink salt is a unique product of Pakistan. She said other countries buy Pakistani pink salt at lower prices and sell it in international markets at much higher rates.
She described Pakistan’s pink salt as being similar to gold hidden in the mountains. She said the resource should create greater economic benefits for the people of Punjab.
Youth and startups also targeted
The chief minister also called for young entrepreneurs and startups to receive facilities under the financing scheme. She stressed the need to help them reach international markets and develop export-oriented businesses.
The scheme is focused on turning raw pink salt into higher-value products. The government expects better processing and branding to create jobs while increasing the value of Pakistan’s exports.
The scheme could give businesses access to financing without an interest cost. Its wider impact will depend on how effectively the processing, branding and export plans are implemented.
The proposed processing zone could also create opportunities for new businesses and workers. Increasing the share of value-added products may allow Pakistan to earn more from its existing pink salt resources.
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