Minister of State and Chairman Board of Investment (BOI) Dr Miftah Ismail Tuesday said that with the energy reforms and positive initiatives by the current government, electricity load shedding from the country would end by November 2017.
He said for the last 70 years, only 23000 MW installed capacity of electricity was achieved in Pakistan, while the current government has started various energy projects due to which an additional 25000 MW of electricity would be generated in the country.
He said this while addressing the business community at Islamabad Chamber of Commerce and Industry (ICCI) here.
He said that another LNG terminal would be operational by July or August this year and LNG gas supply would be enhanced from 600 MMBTU to 18000 MMBTU, reducing the gas shortage of the country.
He said the government was exploiting cheap energy resources to gradually bring down the cost of electricity that would also reduce the cost of doing business in Pakistan, making the industry more competitive.
He was hopeful that new gas connections for the industry would be opened by August this year. Dr Miftah Ismail said that a level playing field would be provided to the Pakistani and Chinese investors in CEPC projects and the interests of the local business community would not be compromised.
He said that zero income tax and zero duty on import of machinery would be available to investors for investing in SEZz under CPEC for a certain period, while the government would ensure the supply of electricity and gas to the investors.
He said if the private sector was interested in developing industrial zones under CPEC, the government would encourage it.
He invited the ICCI delegation to his office for the consultation regarding the establishment of ICT Model Industry Zone in, Islamabad, under CPEC.
Speaking at the occasion, President ICCI Khalid Iqbal Malik said that due to lack of a new industrial zone in Islamabad, many industries were shifting to other provinces.
He stressed that BoI should accelerate efforts for setting up ICT Model Industrial Zone in Islamabad under CPEC in consultation with ICCI to encourage industry.
He emphasised that BoI should keep ICCI in a loop about investment opportunities and JVs in various sectors of Pakistan’s economy so that FDI could be promoted in Pakistan with joint efforts.
He 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.
Senior Vice President ICCI, Khalid Malik welcomed the Chairman BOI in ICCI office and highlighted the different issues of the business community in Islamabad.
He said the government would provide a conducive environment for the business community for boosting economic growth and increasing the investment opportunities.
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.
