Islamabad Chambers of Commerce and Industry (ICCI) President Shaban Khalid has said that setting up a new industrial zone in the Federal Capital was the need of hour for rapid industrial growth which could further give a spur to the economic activities in the country.
Talking to APP, he said to encourage new investment in the industrial estate, Village Noon, an industrial zone, in Islamabad would definitely create employment opportunities and bring about prosperity to the whole Islamabad-Rawalpindi region.
He said because of large residential population in industrial sectors of I-9 and I-10, and lack of required land for industrial activities, they needed a new site for creation of an industrial hub which was overdue for quite some time.
To a question, the president ICCI said the government should ensure further tax reforms and focus on broadening the tax net instead of shifting burden on the regular tax-payers.
He suggested that the government may levy tax on services sector, agriculture and transport to broaden the tax net for more revenue generation for sustainable economic growth.
The ICC president said that sustainable environmental-friendly industrial growth was a pre-requisite for enhancing the economic activities for development and prosperity in the country.
He stressed upon the authorities to exploit the Thar coal energy by adopting the measures for environmental protection and to revive the industrial activities in the larger economic interest of the country.
To another question, he said that first Kyoto Protocol (2008-12) was opposed by the developed countries like United State (US), France and Japan, as it was adverse to the economic growth with threats of environmental degradation in these regions.
He urged the stakeholders to evolve coordination and communication among themselves for putting forward viable proposals in the pre-budget (2014-15) consultation.
“We are ready to give our feedback on new industrial policy for creating mechanism to remove the reservation of local industries,” he added.
To another query, he said the authorities should also provide services to the local industries by meeting their energy requirements for industrial growth and economic development.
He was of the view that a stringent mechanism should be in place to control the line losses, coupled with accurate monitoring mechanism to stop the power pilferage and save the energy for domestic and industrial needs.
Khalid further said that peace and stability in the country was interlinked for attracting the foreign investment and competing at the international markets.
He said that due to the global economic crunch and negative industrial growth, local industry was in the revival phase to meet the future challenges and contribute for the economic development and prosperity.
