Chief Minister Khyber Pakhtunkhwa (KPK) Pervez Khattak has announced to grant 5 percent concession on mark up to new loans for setting up industries in KPK.
He directed the relevant authorities to make three major rebates and certain other incentives part of the provincial industrial policy. The major attractions for industrial investment, he pointed out, must be included rebate on the mark up rate, electricity tariff and industrial transportation charges.
Presiding over a high level meeting at the CM Secretariat today, the CM disclosed that all companies interested in establishment of oil refineries in southern districts of the province had been directed to first approach the federal government for acquiring the oil quota under the prescribed procedures.
He, however, made it clear that the present KPK government has waived off the condition of NOC for establishing all kinds of industries including sugar mills and oil refineries.
The meeting was held to discuss the drafts of new industrial policy and early bird investment policy which mainly aimed at “building prosperous KPK through sustainable and balanced industrial development thereby creating large employment opportunities and fiscal space for human and infrastructure development and to overcome problems of low investment, poor productivity and degrading physical and social infrastructure”, the policy document contained.
The meeting was told that under the present KP government initiatives for economic revival of the province and creation of large scale employment opportunities through sustainable industrial growth, certain major target have been achieved which included strengthening of TEVTA, establishment of BOIT, replacement of the role of Sarhad Development Authority by newly formed EZDMC and formulation of first draft of new industrial policy.
The participants were informed that the strategy for industrial growth under the proposed policy envisages development of industrial infrastructure, promotion of labor intensive industries, availability of funds / credits for industrial investment, skill development for both local and foreign job markets, development of specific sectors like gems, marble, granite, hydro power, cement, silica, building materials, phosphates, coal etc., trade promotion, exploitation of CPEC potential and opportunities, development of dry ports and border trade terminals, development of renewable energy, establishment of special economic zones, improving environment compliance, revival of closed and sick industries and provision of logistic parks etc.
Discussing the recommendations presented under the industrial and early investment policy, the Khattak stressed the need for arranging incentives first for a viable industrial growth and directed the concerned authorities to approach the major commercial banks and development finance institutions for obtaining at least 100 billion rupees financing for industrial investments.
