Industrial revival, a need of hour

Written by The Frontier Post

The Khyber Pakhtunkhwa government has accorded approval to proposals of two important projects to be recommended to the federal Board of Investment for the status of Special Economic Zones (SEZs) to them. According to reports, the multi-purpose Daraban Special Economic Zone, will initially be set up on 1000 acres of land, with the estimated cost of Rs. 7.8 billion, while this project would create 40,000 direct and 120,000 indirect job opportunities for the people of the province. While the second project, Fatima Cement Limited would-be set up with an estimated Cost of Rs.51.9 billion having the capacity to generate about 500 direct and nearly 4000 indirect employment opportunities. Both projects deal in minerals development, food and cement manufacturing and will play an important role in the economic uplift of the province. According to KP Chief Minister, the development of Industries is one of the top priorities of the provincial government and his team was taking result-oriented steps to boost industrial activities in the province.

Industry acts as the backbone of the economy of any state and plays a vital role in satisfying public needs, revenue generation, tax collection, increase of exports as well as in the creation of job opportunities for the masses. Currently, the country’s industry has reached the brink of collapse due to continuous load shedding, massive increase in the prices of electricity, gas and government taxes along with anti-business policies of the rulers. The federal and provincial governments in KP are paying due attention to the revival of the industry, however provision of uninterrupted power supply, reduction in taxes and introduction of sustainable business friendly policies can only restore the trust of entrepreneurs in the government. Recently, Prime Minister Shehbaz Sharif visited Rashakai Special Economic Zone in Northwestern KP and vowed to establish more industrial zones along the CPEC route to augment the industrial base in the country. In fact, government policies are pivotal for the improvement of the businesses and vice versa, otherwise every businessman wants to boom his business by moving the wheel of the economy around the clock.

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