PESHAWAR: Chief Minister Khyber Pakhtunkhwa Mahmood Khan has stated that the incumbent Federal Government has brought the national economy to the verge of default due to its selfish policies which are merely focused on escaping with the looted wealth of the nation and abolishing corruption cases against them.
Mahmood Khan reiterated that this conglomerate of incompetent rulers are not representative of Pakistani people and do not have the ability to steer the country out of this economic crises. In a failed attempt, they are trying to run the national economy on foreign loans which has made the life of people miserable due to unprecedented inflation.
He made it clear that economic growth will only be possible by increasing exports through industrialization which needs sincere leadership that is devoted towards serving common citizens.
He clarified that Khyber Pakhtunkhwa Government is working under a comprehensive and well devised strategy to develop the industrial sector on modern lines adding that multi-dimensional development activities are in full swing across the province to stabilize the provincial economy as well as to provide employment opportunities to the youth.
In a statement issued from the Chief Minister’s Secretariat, Mahmood Khan stated that the provincial government is working on establishing a number of new economic zones in addition to reviving sick industries in the province. Introduction of the industrial policy 2020, Khyber Pakhtunkhwa Commerce & Trade Strategy 2020 and investment promotion strategy are amongst the important policy initiatives of his government aimed at promoting industrial sector as per contemporary needs.
It is pertinent to mention here that 71 development schemes have been reflected in the current Provincial Annual Development Program to ensure development of industrial sector on sustainable basis. During the last four years, a number of new economic zones have been established including Jalozai Economic Zone, Nowshehra Economic Zone (extension), D.I Khan Economic Zone, Rashakia Special Economic Zone, Chitral Economic Zone, Hattar Special Economic Zone, Bannu Economic Zone, Ghazi Economic Zone and Mohmand Economic Zone. Additionally, Daraband Special Economic Zone, Salt and Gypsum City Karak, Buner Economic Zone, Katlang Economic Zone and Mansehra Economic Zone would also be launched soon.
An investment of around Rs. 338 billion has been made in existing and new economic zones wherein 167 sick industrial units have been revived and 366 new industrial units established. During the year 2021, interest free loans amounting to Rs. One billion has been provided under Insaaf Rozgar Scheme whereas Saaf Finance Scheme worth Rs. 12 billion has also been launched to promote small and medium entrepreneurs in the province. In order to promote international investment in the province, 44 MoUs worth $8.0 billion have been signed in Dubai Expo 2020 following the formal agreements with various investment companies to materialize these MoUs. The Chief Minister retreated that free and fair election is the only option to rid the country of corrupt rulers and save the national economy.
KP CM blames federal govt for economic situation