Chief Minister Sindh Syed Qaim Ali Shah has assured business community that he would take up the issues of high gas and power tariffs and interest rate issues with federal government and plead business community point of view on the issues. Addressing members of Karachi Association of Trade and Industry (KATI) on Thursday night, Qaim Ali Shah said that efforts are underway to boost economic activities in the country and keep the industrial sector operating smoothly.
He noted that Pakistan facing serious economic crisis like all others countries of the world but there is no reason to get depressed as the economic turnaround is not far away. The chief minister said that the foreign investors taking interest to invest in Pakistan and recently Pakistan received a number of investment proposals in various sectors particularly in coal mining, power generation and gas explorations.
The chief minister informed that a Korean company has already been given Block-6 of Thar coal Range to set up 1000MW coal fired power plant. Beside this a number of other companies have also shown interest to set up similar power plants and Sindh Mines and Mineral Department has already invited expression of interest from both the local and foreign investors for the joint venture to be set up on the basis of 75:25 equity.
He was of the view that these projects will take at least three years to be on the ground and business community has to wait with little patience. Expressing concern on news reports about mass retrenchment and closure of industrial units in the province, he said that the news of closure and retrenchment are exaggerated. Referring to law and order, he said that it is well in control of the government.
Regarding the demand of allocation of land for industries, he expressed his dismay over non-utilisation of land already allocated for setting up industrial units in the province. Former President of FPCCI. S. M. Munir urged the government to reduce oil prices in the country and pass the impact of global decline in oil prices to consumers. He further demanded reduction in interest rates, gas and power tariffs. Chairman KATI, Mian Zahid Hussain urged the government to allot land for setting up new industrial units on 15 years soft term.