Infrastructure development aimed to attract FDI: advisor

LAHORE: The Punjab government has focused all-out efforts on filling the gaps in the infrastructure development across the province with an aim to mobilise foreign direct investment (FDI) into different sectors of economy, an official said on Thursday.

“Punjab is investing in the best transportation network, while pushing hard for the early completion of the ongoing projects especially in the power sector,” said Khawaja Ahmad Hassan, advisor to chief minister Punjab, while speaking at Lahore Chamber of Commerce & Industry (LCCI).

“The power shortage was the major challenge for the government after 2013 elections but today situation is quite different as the country will soon have sufficient energy to eliminate load shedding.” Hassan said the provincial ensured the completion of power projects within shortest possible time at a cost that was about 50 percent less compared to the past.

“Due to the untiring efforts of the chief minister, Sahiwal coal power projects of 1320 MW were completed in only 24 months, which is a world record,” he said adding efforts are yielding results and today we can now expand our manufacturing sector.

Tahir Javaid Malik, president LCCI, said the government should invest more on the urban centers as they were the engines of growth around the world. “A recent study reveals that Lahore has an economy of over a trillion rupees. In 2010-11, the size of its economy was around Rs 945.6 billion. It went up to Rs1,227 billion in 2014-15,” Malik said.

He added that with the achievement of economies of scale and further development, Lahore would contribute to the growth of the province, which would ultimately boost the economy of the country. “With an urban population growth of 4.02 per cent, the Lahore district is now 99 percent urban,” the LCCI head said.