With arms wide open: CM announces 5% concession on markup of loans
Initiative taken to boost industries in province
Express News screen grab of Khattak from the press conference.
PESHAWAR:
Chief Minister Pervez Khattak on Wednesday announced a 5% concession on the markup of new loans to set up industries in the province.
The major attractions for industrial investment, he pointed out, must include a rebate on the markup, electricity tariff and industrial transportation charges.
Chairing a meeting at CM’s Secretariat, Khattak disclosed all companies interested in establishing oil refineries in southern districts had to first approach the Centre to acquire a quota under prescribed procedures. He, however, made it clear the Khyber-Pakhtunkhwa government had waived the condition of a no objection certificate for the establishment of industries including sugar mills and oil refineries.
At the meeting drafts of the new industrial and early-bird policies aimed at “building a prosperous K-P and creating opportunities for human and infrastructure development” were discussed. The policy discussion “also aimed at overcoming problems of low investment, poor productivity and degrading physical and social infrastructure,” said the document.
Areas of focus
Participants were informed the strategy for industrial development envisaged building infrastructure, promotion of labour intensive industries, availability of funds/credits for investment and skill development for local and foreign job markets. It will also work towards the development of specific sectors like gems, marble, granite, hydro power, cement, silica, building materials, phosphates and coal; trade promotion; exploitation of CPEC opportunities; development of dry ports and border trade terminals; and development of renewable energy.
The industrial policy will also look to establish special economic zones; improve environment compliance; and provide of logistic parks.
Funding for investment
He directed authorities to approach commercial banks and financial institutions to obtain at least Rs100 billion for industrial investment. He was confident Bank of Khyber would be able to allocate Rs30 to 35 billion for loan disbursements.
Khattak said the provincial government was authorised to utilise locally-produced electricity for industrial consumption at a cheaper rate. Khattak directed an industrial estate be established in Malakand so electricity generated by Malakand III project and Pehur hydro project could be utilised there.
Published in The Express Tribune, October 22nd, 2015.
Chief Minister Pervez Khattak on Wednesday announced a 5% concession on the markup of new loans to set up industries in the province.
The major attractions for industrial investment, he pointed out, must include a rebate on the markup, electricity tariff and industrial transportation charges.
Chairing a meeting at CM’s Secretariat, Khattak disclosed all companies interested in establishing oil refineries in southern districts had to first approach the Centre to acquire a quota under prescribed procedures. He, however, made it clear the Khyber-Pakhtunkhwa government had waived the condition of a no objection certificate for the establishment of industries including sugar mills and oil refineries.
At the meeting drafts of the new industrial and early-bird policies aimed at “building a prosperous K-P and creating opportunities for human and infrastructure development” were discussed. The policy discussion “also aimed at overcoming problems of low investment, poor productivity and degrading physical and social infrastructure,” said the document.
Areas of focus
Participants were informed the strategy for industrial development envisaged building infrastructure, promotion of labour intensive industries, availability of funds/credits for investment and skill development for local and foreign job markets. It will also work towards the development of specific sectors like gems, marble, granite, hydro power, cement, silica, building materials, phosphates and coal; trade promotion; exploitation of CPEC opportunities; development of dry ports and border trade terminals; and development of renewable energy.
The industrial policy will also look to establish special economic zones; improve environment compliance; and provide of logistic parks.
Funding for investment
He directed authorities to approach commercial banks and financial institutions to obtain at least Rs100 billion for industrial investment. He was confident Bank of Khyber would be able to allocate Rs30 to 35 billion for loan disbursements.
Khattak said the provincial government was authorised to utilise locally-produced electricity for industrial consumption at a cheaper rate. Khattak directed an industrial estate be established in Malakand so electricity generated by Malakand III project and Pehur hydro project could be utilised there.
Published in The Express Tribune, October 22nd, 2015.