Govt claims to end power loadshedding by Nov 2017

ISLAMABAD: The government on Tuesday claimed of ending power loadshedding in Pakistan in November this year, as energy reforms and positive initiatives are underway in the sector which will lead the country to generate power to meet the demand.

Dr Miftah Ismail, Minister of State and Chairman Board of Investment (BoI), while addressing the business community at Islamabad Chamber of Commerce and Industry (ICCI) here said, “With the energy reforms and positive initiatives of the current government, electricity loadshedding from Pakistan would end by November 2017.”

He further said that for the last 70 years, only 23,000 megawatts installed capacity of electricity was achieved in Pakistan while the current government has started many energy projects due to which 25,000MW electricity would be generated in the country. He said another LNG terminal would be operational by July or August this year and LNG gas supply would be enhanced from 600mmbtu to 1,800mmbtu that would reduce gas shortage from the country.

Ismail also said that new gas connection for industrial sector would be opened by August 2017. “As the government was exploiting cheap energy sources to bring down gradually the cost of electricity, so it would also reduce cost of doing business in Pakistan and make our industry more competitive,” he said.

Dr Miftah said level playing field would be provided to the Pakistani and Chinese investors in CEPC projects and interest of local business community would not be compromised. He said zero income tax and zero duty on import of machinery would be available to investors for investing in special economic zones (SEZs) under CPEC for a certain period while government would ensure supply of electricity and gas to the investors. He said if private sector was interested in developing industrial zones under CPEC, the government would encourage it. He invited the ICCI delegation to his office for consultation regarding the establishment of ICT Model Industry Zone in Islamabad under CPEC.

Khalid Iqbal Malik, president ICCI, said that due to lack of new industrial zone in Islamabad, many industrialists were shifting to other provinces and stressed that the BoI should accelerate efforts for setting up ICT Model Industrial Zone in Islamabad under CPEC in consultation with the ICCI to encourage industrialisation.

He said the FDI and exports in other regional countries were on the rise while Pakistan was witnessing decline in FDI and exports. He stressed that the government should make exports and investment friendly policies in consultation with private sector to arrest this unhealthy trend.

The ICCI president stressed that the BoI should keep the ICCI in loop about investment opportunities and joint ventures (JVs) in various sectors of Pakistan’s economy so that foreign direct investment could be enhanced in Pakistan with joint efforts.