K-P looks to attract investment

CM terms industrial development as vital for economic stability

PESHAWAR:

Khyber-Pakhtunkhwa (K-P) Chief Minister Mahmood Khan has termed industrial development of vital importance for economic stability.

He said that his government is paying special attention to the industrial sector with the aim of creating employment and livelihood opportunities.

He added that the government is going all out to provide an environment conducive to industrialists in order to attract more and more investment.

He made it clear that economic growth will only be possible by increasing exports through industrialization, which needs sincere leadership that is devoted towards serving common citizens. The K-P government is working under a comprehensive and well devised strategy to develop the industrial sector on modern lines, adding that multidimensional development activities are in full swing across the province to stabilize the provincial economy as well as to provide employment opportunities to the youth.

In a statement Khan stated that the provincial government is working on establishing a number of new economic zones in addition to reviving sick industries in the province.

Introduction of the industrial policy 2020, Khyber-Pakhtunkhwa Commerce & Trade Strategy 2020 and investment promotion strategy are amongst the important policy initiatives of his government aimed at promoting the industrial sector as per contemporary needs.

It is pertinent to mention here that 71 development schemes have been reflected in the current annual development program to ensure development of the industrial sector on a sustainable basis.

During the last four years, nine new economic zones have been established, namely Jalozai Economic Zone, Nowshehra Economic Zone (extension), DI Khan Economic Zone, Rashakai Special Economic Zone, Chitral Economic Zone, Hattar Special Economic Zone, Bannu Economic Zone, Ghazi Economic Zone and Mohmand Economic Zone. Additionally, Daraband Special Economic Zone, Salt and Gypsum City Karak, Buner Economic Zone, Katlang Economic Zone and Mansehra Economic Zone will also be launched soon.

An investment of around Rs338 billion has been made in the above-mentioned economic zones where 167 sick industrial units have been revived and 366 new industrial units established.

In order to promote small and medium entrepreneurs in the province, finance scheme worth Rs12 billion has been launched.

To promote international investment in the province, 44 MoUs worth $8 billion have been signed at Dubai Expo 2020.

The chief minister said that the provincial government is also taking steps to promote self-employment in the province, adding that loans of Rs1 billion have been provided to youth under the first phase of the Insaf rozgar scheme for launching small and medium scale businesses while the second phase of the scheme has also been started.