PESHAWAR: The PTI government in Khyber Pakhtunkhwa has removed Chief Executive Officer (CEO) Khyber Pakhtunkhwa Economic Zones Development and Management Company (KP-EZDMC) from his post in violation of rules and procedures, say sources.
They said the provincial cabinet of the KP government which met at Pakhtunkhwa House in Islamabad approved the termination of the services of CEO KP-EZDMC Javed Iqbal Khattak.
They said the issue was even not on the formal agenda of the provincial cabinet and even on additional agenda and taken as soft agenda from the computer during the last moments of the meeting. The abrupt decision of the cabinet particularly of the chief minister has sent waves of shocks not only among the business community rather also among the members of the Board of Directors (BoD), a competent forum for taking such decisions.
Javed Iqbal Khattak took charge as CEO KP-EZDMC on March 20, 2020 and during the period of over the last four years the company has made remarkable progress in establishing a robust industrial infrastructure through the strategic development of Economic Zones (EZs) and Special Economic Zones (SEZs).
These zones have created a conducive environment for businesses, attracting substantial investment and generating employment opportunities, thereby playing a pivotal role in driving economic growth in Khyber Pakhtunkhwa.
During the period, the company has established a comprehensive network of 09 new economic zones including two Special Economic Zones (SEZs) and seven Economic Zones (EZs) in the province.
Currently, 1,736 industries are operating within the existing EZs and SEZs. This represents a substantial contribution to the province’s industrial output, enhancing productivity and supporting local and national economies while the revival of 160 industrial units and the allocation of 419 new industrial plots in both existing and new zones are testaments to the management’s proactive efforts to stimulate industrial growth.
These initiatives have created new opportunities for entrepreneurs and businesses, contributing to the province’s economic dynamism and have also created 110,233 direct jobs in the province leaving a positive impact on the local economy, reducing unemployment rates and improving livelihoods across KP.
A total investment of PKR 355 billion has also been secured for both existing and new EZs and SEZs through the dedicated efforts of KP-EZDMC. This significant investment highlights the company’s success in attracting investors and fostering industrial growth, positioning Khyber Pakhtunkhwa as a prime destination for industrial development.
The Export Processing Zone (EPZ) has successfully attracted USD 163 million in Foreign Direct Investment (FDI). This influx of international investment highlights KP’s potential as a hub for global businesses, further enhancing the province’s economic stature.
This scribe contacted the Special Assistant to KP CM on Industries, Commerce and Technical Education, Abdul Karim Khan Tordher to seek his comments on the development, but he declined to speak on the record.
Talking to this scribe, a member of the BoD on condition of anonymity expressed full satisfaction over the performance of the CEO Javed Iqbal Khattak and termed his termination as violation of the rules of the Security and Exchange Commission of Pakistan (SECP) for the companies established under Rule 42 of the commission.
He said that competent forum for taking such decisions is the Board of Directors (BoD) of the company. He alleged that the provincial government has bypassed the competent forum, which is illegal and unlawful.
Copyright Business Recorder, 2024
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