ISLAMABAD, Pakistan: The Minister for State and the Chairman Board of Investment (BOI) Dr Miftah Ismail on Tuesday said that with the energy reforms and positive initiatives by the current government, electricity load shedding from country would end in November 2017.
While addressing business community at Islamabad Chamber of Commerce and Industry (ICCI) in Islamabad, Miftah Ismail said for the last 70 years, only 23000 MW installed capacity of electricity was achieved in Pakistan while the current government has started many energy projects due to which 25000 MW electricity would be generated in the Country.
Dr Miftah Ismail said another liquefied natural gas (LNG) terminal would be operational by July or August this year and LNG gas supply would be enhanced from 600 MMBTU to 18000 MMBTU which would reduce gas shortage from the Country.
The Chairman BOI said the government was exploiting cheap energy resources to bring down gradually the cost of electricity that would also reduce cost of doing business in Pakistan and make our industry more competitive.
Miftah was hopeful that new gas connections for industry would be opened by August this year.
Dr Miftah Ismail said that level playing field would be provided to the Pakistani and Chinese investors in China Pakistan Economic Corridor (CPEC) projects and interest of local business community would not be compromised.
The Chairman BOI 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.
Miftah Ismail said if private sector was interested in developing industrial zones under CPEC, the government would encourage it. He invited ICCI delegation to his office for consultation regarding the establishment of ICT Model Industry Zone in Islamabad under CPEC.
Speaking at the occasion, the President ICCI Khalid Iqbal Malik said that due to lack of new industrial zone in Islamabad, many industries were shifting to other provinces.
Khalid Iqbal Malik stress that BOI should accelerate efforts for setting up ICT Model Industrial Zone in Islamabad under CPEC in consultation with ICCI to encourage industry. He emphasized that BOI should keep ICCI in loop about investment opportunities and JVs in various sectors of Pakistan’s economy so that FDI could be promoted in Pakistan with joint efforts.
The President ICCI said that Pakistan Railways in cooperation with ICCI had set up a dry port in Islamabad in 2005. He proposed for further expanding the said dry port to meet the future business needs in the scenario of CPEC.
The Senior Vice President ICCI Khalid Malik welcomed the Chairman BOI in ICCI office and highlighted the different issues facing by business community in Islamabad.
Khalid Malik said the government would provide conducive environment for business community for boosting economic growth and increasing the investment opportunities.
The Vice President ICCI Tahir Ayub, Khalid Javed, Mian Akram Farid, Nasir Khan, Zafar Bakhtawari, Naeem Siddiqui, Khalid Chaudhry and others also spoke on the occasion.
