KP govt developing industrial sector, says CM

PESHAWAR: Chief Minister Mahmood Khan said on Monday the Khyber Pakhtunkhwa government was working under a comprehensive strategy to develop the industrial sector along modern lines.

“Multi-dimensional development activities are in full swing across the province to stabilize the provincial economy as well as to provide employment opportunities to the youth,” an official handout quoted him as saying.

Mahmood Khan said that the KP government was making efforts to establish a number of new economic zones in addition to reviving sick industries.Devising the Industrial Policy 2020, Khyber Pakhtunkhwa Commerce and Trade Strategy 2020 and investment promotion strategy are amongst the important policy initiatives of the government aimed at promoting the industrial sector as per contemporary needs, he explained.

It is pertinent to mention here that 71 development schemes have been reflected in the current Provincial Annual Development Programme to ensure the development of the industrial sector on a sustainable basis.

During the last four years, a number of new economic zones have been established. These include Jalozai Economic Zone, Nowshehra Economic Zone (Extension), and ones in Dera Ismail Khan, Rashakia, Chitral, Hattar, Bannu, Ghazi and Mohmand.

Additionally, Daraband Special Economic Zone, Salt and Gypsum City Karak, Buner Economic Zone, Katlang Economic Zone and Mansehra Economic Zone would also be launched soon.The statement said an investment of around Rs. 338 billion has been made in existing and new economic zones wherein 167 sick industrial units were revived and 366 new industrial units were established.

During the year 2021, interest-free loans amounting to Rs one billion has been provided under Insaaf Rozgar Scheme whereas the Finance Scheme worth Rs. 12 billion has also been launched to promote small and medium entrepreneurs in the province.

In order to promote international investment in the province, 44 Memorandums of Understanding (MoUs) worth $8.0 billion were signed in Dubai Expo 2020 following the formal agreements with various investment companies for materialization.