PESHAWAR - Chief Minister Khyber Pakhtunkhwa Pervez Khattak has formally launched the first-ever KP Industrial Policy 2016. The new KP Industrial Policy envisages enormous financial concessions, attractive investment incentives, infrastructural and services facilities as well as measures for equipping manpower with the required skills and promoting trade and industries.

Speaking as a chief guest at opening ceremony of the policy held in Islamabad on Wednesday, Chief Minister Pervez Khattak announced that the KP government waived off the condition of NOC for establishing industries in the province.

Special Assistant of the Chief Minister for Industries Abdul Karim Khan, Chairman of the KP Board of Investment and Senator Mohsin Aziz, Senator Nauman Wazir, Vice Chairman of KP Economic Zones Development and Management Company, Ghulam Dastagir also spoke on the occasion while Secretary Industries and Commerce Dr Aftab Durrani highlighted salient features of the policy.

Khyber Pakhtunkhwa Ministers Muhammad Atif, Muzaffar Said and Mushtaq Ahmed Ghani, certain members of the parliament and KP Assembly, industrialists, foreign investors and traders were also in attendance.

The CM told that the provincial cabinet approved Khyber Pakhtunkhwa’s industrial policy on December 17, 2015 to fulfill another commitment of Pakistan Tehrik-e-Insaf-led Khyber Pakhtunkhwa government. He said the provincial government will go to any extent to support investors for industrialisation in Khyber Pakhtunkhwa.

He said that the comprehensive and investor-friendly industrial policy was formulated following the ruling parties’ vision of overcoming unemployment and economic decline through sustainable industrial growth.

He said that under the policy the provincial government has decided to grant sizeable concession on industrial loans and 25 per cent subsidies on purchase of land, transportation charges of machinery and electricity tariff for setting up new industries. He said that 70 Megawatt electricity was already available with Khyber Pakhtunkhwa province which would be provided to industries at very cheap rates and without earning any profit on it. Terming the investment environment in KP quite favourable now the chief minister told that law and order situation was also improving in the province.

He urged investors to take benefit of the generous incentives offered by KP government. Pervez Khattak said that his government was committed to economic development of Khyber Pakhtunkhwa through industrialisation as it could help KP combat not only economic problems, but especially unemployment and poverty and bring in great opportunities for trade and commerce.

He said that the present provincial government has approached the halfway mark of its term and during the time a number it achieved a number of goals with regard to good governance accountability, transparency, anti-corruption, and system reforms in major sectors of public services like Education, Health, Local Government, Police, and Revenue etc.

He said the policy also envisaged the revival of existing 1,200 industrial units. He said that Khyber Pakhtunkhwa has huge untapped potential, which if unlocked, can result in tremendous benefits for the province. He said the province was also blessed with immense minerals and other raw materials for promotion of industries and a targeted investment strategy coupled with a consistent industrial policy can greatly assist the prospective investors.

He said in addition to rehabilitation of sick industrial units and a focus on cheaper energy sources, the Industrial Policy also envisaged setting up those industries which have comparative cost advantage and markets that are based on local raw materials, skilled and semi-skilled labour and local and export markets.

The policy especially lays emphasis on the creation of more jobs by facilitating Small and Medium Enterprises to grow and flourish by providing Business Support Services including necessary finances.

He told that the provincial government also aimed to create more special economic zones to attract local and foreign investors and improve infrastructural and services facilities in the existing industrial estates.

Linking the benefits of the new policy with economic opportunities under the China Pakistan Economic Corridor (CPEC), he said when the project is completed it will expand the number of trade routes to other countries and Khyber Pakhtunkhwa can directly benefit from the CPEC and will, therefore, vigorously pursue implementation of infrastructural projects and projects in other socio-economic sectors.

Some of these include Private Hydro Power Projects, Havalian Dry Port, Hazara Motorway, Havelian to Khunjerab Rail Track, Khunjerab Railway and Up-gradation of Karachi Peshawar main railway line, he told. The CM said that Khyber Pakhtunkhwa will also use CPEC as a platform for export promotion and industrial development as the route is meant to pass through Kohistan, Shangla, Battagram, Mansehra, Abbottabad, Haripur, Dera Ismail Khan and other districts of Khyber Pakhtunkhwa.