The Lahore Chamber of Commerce and Industry has opposed the cancellation drive of vacant plots of Sundar Industrial Estate (SIE) saying that this initiative has been taken without keeping in view the ground realties. The LCCI President Abdul Basit on Thursday said that SIE Board of Directors has taken the decision without determining the reasons behind the non-establishment of industries in the Estate.
The vacant plots in Sundar Industrial Estate were purchased by the genuine businessmen to set up industries who could not take initiative mainly due to lack of promised facilities. "Sundar management had promised to provide power, gas, water, commercial area, food court, residential colony and transportation for employees," he said and added that industrialists are bearing additional cost on account of transport and provision of residence to the labour.
The LCCI President said that two power plants of 34 MW are working in Sundar Industrial Estate while industries of these areas require around 170 MW of electricity. In the present scenario, who will invest in just buildings when existed industries are facing shortfall of around 100 MW of electricity, he added.
He said the initiatives like cancellation of plots would scare away prospective investors. The entrepreneurs had pinned high hopes on the BoD of Punjab Industrial Estate and expected it would cut down on its expenses; he said and urged the Punjab chief minister to take notice of cancellation drive that is bound to hit the industrialization process in the province hard. Besides, it would also shatter the confidence of local investors who are putting in their money into the economic activities despite challenging conditions, he added.