AMRITSAR: Prime Minister Manmohan Singh on Friday launched real estate developer DLF Universal's Special Economic Zone project here, as part of initiatives to revive the Punjab State's industrial sector.

"I am happy that the State Government has finalised the development of a Special Economic Zone in Amritsar. This city and its neighbourhood had a great industrial past. We need to revive it and the SEZ is one such step,'' Dr. Singh said after DLF and the Punjab Government signed an MoU for the project.

On behalf of the Punjab Government, Industries and Commerce Secretary Sanjay Kumar signed the MoU while Managing Director Yogesh Verma inked the MoU for DLF. Punjab Chief Minister Capt. Amarinder Singh and his Cabinet colleagues were present on the occasion.

Later addressing mediapersons, Capt. Singh outlined the terms and condition of the MoU and said DLF would set up the SEZ at Amritsar on 1,000 acres or above with an investment of Rs. 453.69 crore over five years from the date of handing over the possession of the land for SEZ. He categorically said the State Government would act as a facilitator and the SEZ would be eligible for all the benefits under the SEZ Policy of the State.

Capt Singh said the Punjab Government had liberalised its policies to attract foreign investment in the State and restore confidence among the foreign investors and entrepreneurs. He also mentioned that Punjab was being projected as the more preferred investment destination due to the investor friendly and congenial atmosphere. Referring to the setting up of SEZs, Capt Singh said the Central Government had approved three out of nine SEZs. — PTI, UNI

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