China Century Steel Mills: Authorities told to iron out land prices, other problems

ISLAMABAD: In line with Prime Minister Shehbaz Sharif’s directives to remove all barriers impeding industrial development, Federal Minister for Planning, Development, and Special Initiatives Ahsan Iqbal chaired a meeting on Monday with officials of China Century Steel Mills (Pvt) Limited.

The minister instructed the Board of Investment (BoI), the Power Division and the Federal Board of Revenue (FBR) to address issues promptly.

Specifically, he directed the Khyber Pakhtunkhwa Economic Zones Development and Management Company (KPEZDMC) to confirm land prices to the company at the earliest, in accordance with their demands.

KPEZDMC officials briefed the Minister that the company had requested discounted rates for land per acre.

The Chinese consultant cited examples from China, where land is often provided free of charge to industries in Special Economic Zones, emphasising the need for similar incentives in Pakistan.

Addressing concerns over power tariffs, the minister directed authorities to maintain a reasonable distribution margin and ensure that the zone receives power at the same rates as regular consumers.

The minister also instructed the FBR to conduct a consumption survey in the FATA and PATA regions to estimate anticipated power consumption accurately. He questioned why such a high capacity had been approved initially, underscoring the need for better planning to avoid unnecessary delays in industrial operations.

The minister also directed relevant officials to involve businessmen of Peshawar Chamber of Commerce and Industry to consider their suggestions while solving the problem.

Copyright Business Recorder, 2024