PESHAWAR: The disinvestment of the Sarhad Development Authority (SDA) has been completed and the authority merged into the Khyber Pakhtunkhwa Economic Zones Development and Management Company (KPEZDMC).
The merger of the SDA into the KPEZDMC was announced by chairman of the company, Ghulam Dastagir at a press conference here on Wednesday.
Secretary Industry, Farah Hamid, Chief Executive Officer (CEO) of KPEZDMC, Mohsin Syed and Member National Assembly and board member of the KPEZDMC, Sajida Zulfiqar, were also present on the occasion.
Ghulam Dastagir told the press conference that the merger of SDA into KPEZDMC was effected in compliance with the judgment of Peshawar High Court (PHC) announced on March 10 directing the government to merge the two entities.
Chairman KPEZDMC said after the merger of all the tangible and intangible assets of Authority including its employees, industrial estates, machinery, permissions, trademarks, would be transferred to the KPEZDMC.
He also dispelled the impression that employees of authority would be sacked or retired forcibly and prematurely. They (employees) would be absorbed into KPEZDMC, said Ghulam Dastagir.
“KPEZDMC will now be responsible for administration of the existing industrial estates and development of new industrial estates in KP,” Ghulam Dastagir added.
He said that the Khyber Pakhtunkhwa Industrial Policy 2016 has restored confidence of the investors and over 300 applications for 910 acres of land have been received for setting up of industries in Hattar Special Economic Zone after its ground breaking on December 15, 2015.
Many multinational and local giants are in advance stages of lease agreement process of Hattar Special Economic Zone, he added.
Dastagir further said within a period of two to three years around 16 industrial estates would be set up in different cities as a result of which around two hundred thousand jobs will be created.To a question about future of Small Industrial Development Board (SIDB), Secretary Industry Farah Hamid said its merger into KPEZDMC was also under consideration.