Khyber Pakhtunkhwa anticipates resumption of industrial activities

PESHAWAR: Khyber Pakhtunkhwa is on track to become one of the top investment hubs in the heart of Asia right on the confluence of China, south, west and central Asian regions, an official of the province said.

Khyber Pakhtunkhwa chief minister Pervez Khan Khattak said the government concentrated on ending corruption and red-tapism from the province, in addition to introducing trade-friendly policies and simplifying the processes for business and industrial activities.

“Now, we have showcased vast networks of economic zones that are being developed on the western route of China-Pakistan Economic Corridor (CPEC),” Khattak said, on the sidelines of a Conference on CPEC Economic & Employment Opportunities in KP, which was organised by Khyber Pakhtunkhwa Economic Zones Development and Management Company (KPEZDMC).

A good number of businessmen, including foreigners attended the conference and the industrial and commercial exhibition, which aimed to highlight the achievements of recently held road shows in China.

Khattak said he saw early signs of economic turnaround in the province through robust local and foreign investment. “A few days back, I went to China with a delegation of investors to showcase about 100 projects. We succeeded in signing memorandum of understanding with Chinese investors on more than 80 projects,” he added.

He clarified that all these projects were feasible and the government did not seek loan for execution of these projects. “Only investment is being attracted,” he said, and added investors were being facilitated on BOT and BOO bases.

He also stressed that the western route was the most feasible option of connecting western parts of China with Gwadar and the rest of the world.

To a question about revival of sick units in KP, Khattak said the KP government was trying to ensure a positive business environment in the province. “The idea to establish KPEZDMC is partly to revive sick units coupled with running management of existing industrial estates of the province,” he added.

The chief minister said the provincial government was working hard on the energy front too.

“We aim to launch work on a set of power projects for generating 5,000MW of electricity in the province, including 2,000MW under CPEC, while the province itself is investing on 600MW worth of projects.”

He added that private investors were also working on various power projects having generation capacity of 600MW.

The provincial minister said, “We inked an agreement with Canadian government for 500MW solar power projects in addition to micro-hydropower projects of 100MW. Referring to power shortages in the province, Khattak blamed the Federal Ministry of Water And Power for not providing sufficient power to people of his province.

“We are only being given about 10 per cent of power supply against about 14 per cent quota,” he lamented.

He said his government was against electricity theft, and added the federal government did not want to take action against power pilferage.

“We have even provided police to their teams but they themselves are involved in such heinous crimes,” he alleged.

Earlier, speaking to the participants of the conference, including presidents of various chambers of commerce and industries, KPEZDMC CEO Mohsin Syed said the KP government signed MoUs anticipating investment of $40 billion.