PESHAWAR: Chief Minister Pervez Khattak has formally unveiled the KP Industrial Policy 2016 that offer financial concessions, investment incentives, infrastructural and services facilities as well as measures for equipping manpower for promoting trade and industries.
Speaking as chief guest at the launching ceremony of the policy in Islamabad on Wednesday, Pervez Khattak announced waiving off the condition of NoC for establishing industries in the province. The NoC was identified as one of the major hurdles for the investors.
Secretary Industries and Commerce 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 industrial policy on December 17 to fulfill another commitment of the Pakistan Tehreek-e-Insaf-led Khyber Pakhtunkhwa government. He said the government would go to any extent to support investors.
He said that the comprehensive investor friendly industrial policy was formulated following the ruling parties’ vision of overcoming unemployment and economic decline through sustainable industrial growth.
Pervez Khattak said the government decided to grant concession on industrial loans and 25 percent subsidies on purchase of land, transportation charges of machinery and electricity tariff for setting up new industries while 70 Megawatt electricity was already available with the province which would be provided to industries at cheap rates.
Terming the investment environment in the province favorable, the chief minister said that law and order situation was improving in the province.He urged investors to take benefit of the generous incentives, adding that his government was committed to economic development of KP through industrialisation.
He said the policy also envisaged the revival of existing 1,200 industrial units. “Khyber Pakhtunkhwa has huge untapped potential, which can result in tremendous benefits for the province,” he said, adding that the province was also blessed with immense minerals and other raw materials for promotion of industries and a targeted investment strategy with a consistent industrial policy can assist the prospective investors.