Chief Minister Khyber Pakhtunkhwa Pervez Khattak on Wednesday formally launched the first-ever KP Industrial Policy 2016 that envisages enormous financial concessions, attractive investment incentives, infrastructural and services facilities as well as measures for equipping manpower with the required skills and promoting trade and industries.
Speaking as chief guest at the opening ceremony of the policy, the chief minister announced that the KP government had also waived the condition of NOC for establishing industries in the province as it was identified as one of the major hurdles for investors who were interested in setting up industries.
Special Assistant to the Chief Minister for Industries Abdul Karim Khan, KP Board of Investment Chairman Senator Mohsin Aziz, Senator Nauman Wazir, KP Economic Zones Development and Management Company Vice Chairman Ghulam Dastagir also spoke on the occasion while Industries and Commerce Secretary Dr Aftab Durrani highlighted salient features of the policy.
Khyber Pakhtunkhwa Ministers Muhammad Atif, Muzaffar Said and Mushtaq Ahmed Ghani, members of the parliament and KP Assembly, industrialists, foreign investors and traders were also in attendance.
The chief minister said that the provincial cabinet approved Khyber Pakhtunkhwa’s industrial policy on December 17 to fulfill another commitment of the Pakistan Tehreek-e-Insaf-led government made to the people of the province. Khattak said that the provincial government would go to any extent to support investors for industrialisation in Khyber Pakhtunkhwa.
He said that the comprehensive and investor friendly industrial policy was formulated following the ruling parties’ vision of overcoming unemployment and economic decline through sustainable industrial growth.
He said that under the policy, the provincial government had decided to grant sizeable concession on industrial loans and 25 per cent subsidies on purchase of land, transportation charges of machinery and electricity tariff for setting up new industries while 70 MW electricity was already available with Khyber Pakhtunkhwa province which would be provided to industries at very cheap rates and without earning any profit on it, he added. Terming the investment environment in KP quite favourable the chief minister said that the law and order situation was also improving in the province.
He urged investors to take benefit of the generous incentives offered by KP government. Khattak said that his government was committed to economic development of Khyber Pakhtunkhwa through industrialisation as it could help the province combat not only economic problems, but also unemployment and poverty and bring in great opportunities for trade and commerce.
He said that the present provincial government of the PTI along with its coalition partners had approached the halfway mark of its term and during the time, it had been able to achieve a number of goals with regard to good governance accountability, transparency, anti-corruption and fundamental reforms in major sectors of public services like education, health, local government, police and revenue.
He said the policy also envisaged the revival of existing 1,200 industrial units. He said that Khyber Pakhtunkhwa had huge untapped potential, which, if unlocked, could result in tremendous benefits for the province adding that the province was also blessed with mineral resources and other raw materials for promotion of industries. A targeted investment strategy, coupled with a consistent industrial policy can greatly assist the prospective investors, he said.
The CM said that in addition to rehabilitation of sick industrial units and a focus on cheaper energy sources, the Industrial Policy also envisaged setting up those industries which have comparative cost advantage and markets that are based on local raw materials, skilled and semi skilled labor and local and export markets.
The policy especially lays emphasis on the creation of more jobs by facilitating small and medium enterprises to grow and flourish by providing business support services including necessary finances.
He said that the provincial government also aimed to create more special economic zones to attract local and foreign investors and improve infrastructural and services facilities in the existing industrial estates.
Linking the benefits of the new policy with economic opportunities under the China Pakistan Economic Corridor (CPEC), he said that when the project is completed it will expand the number of trade routes to other countries and Khyber Pakhtunkhwa can directly benefit from the CPEC and will, therefore, vigorously pursue implementation of infrastructural projects and projects in other socio-economic sectors.
Some of these include Private Hydro Power Projects, Havalian Dry Port, Hazara Motorway, Havelian to Khunjerab Rail Track, Khunjerab Railway and Upgradation of Karachi Peshawar main railway line, he said.
The chief minister said that Khyber Pakhtunkhwa will also use CPEC as a platform for promotion of exports and industrial development as the route is meant to pass through Kohistan, Shangla, Battagram, Mansehra, Abbottabad, Haripur and Dera Ismail Khan among other areas in Khyber Pakhtunkhwa.
