Punjab's Adviser on Economic Reforms Dr Salman Shah Tuesday visited Rawalpindi Chamber of Commerce and Industry to seek the involvement of the businesses of the twin cities in the developmental projects of Rawalpindi.
On his visit, the adviser was welcomed by the president Rawalpindi Chamber of Commerce (RCCI), Saboor Malik. One of the former presidents of RCCI, Zahid Latif Khan gave an introduction of the contribution of RCCI in the development of Rawat Industrial Estate, Islamabad Dry Port and Islamabad Stock Exchange.
He informed the visiting delegates that both RCCI and ISE REIT would mobilize funds for participating in the developmental projects for the city of Rawalpindi. Later, Sagheer Mushtaq, CEO of ISE REIT Management Company, made a presentation on the infrastructure developmental schemes which could be initiated by ISE REIT.
The participants were highlighted with various aspects of the new PPP Ordinance of Punjab by the CEO of Punjab Public Private Partnership Authority, Farrukh Naceed. At this moment, Habib Gilani, Chairman Punjab Planning and Development Board informed the twin gathering of RCCI and ISE REIT that Punjab already had a strong track of many successful PPP projects having been executed in past. He encouraged the business community to propose new feasible projects so that a strong pipeline of doable projects can be prepared with the involvement of the business community.
Dr Salman Shah apprised the meeting that two multibillion rupees mega projects for Rawalpindi have already been given a go-ahead. He said that these projects are for the construction of the ring road and the development of Nallah Lai corridors, each estimated to cost more than Rs 20 billion. He invited the businessmen to think of establishing economic corridors on both the projects.
He said that Ring Road project will served as an economic corridor and transit for Punjab, around which different zones can be developed as well as the Lei Express Way can be transformed into a modern commercial hub under Public Private Partnership (PPP). Under the Public Private Partnership, the private sector will have ample opportunities to promote investment and business activities. Private sector should come forward and take advantage of emerging opportunities; PPP is an Ideal platform for specialized economic zones and joint ventures in which investment is fully protected.
Addressing traders, Dr Salman Shah said there are many challenges faced by IMF programme, including lower tax collection and debt servicing. "This is my first visit to any chamber of commerce. The investments under PPP will be fully secured and protected as the board comprises members from the planning, private sector and Chamber of Commerce," he added.
He said that macroeconomic indicators are improving due to government's effective economic policies. The exchange rate has stabilized, the current account has surplus and there have been heavy investments in treasury bills.
During the discussion, many ideas for de-congesting the city of Rawalpindi were also proposed such as the shifting of fruit and vegetables markets and furniture markets, construction of parking plazas and development of hospitals etc.
Dr Salman Shah welcomed all the suggestions and stated that he was encouraged with the response of the businesses of the twin cities and hoped that the business community would come forward to bridge the infrastructure investment gap faced by the public sector in the country by mobilizing large scale private funding for these projects.
Copyright Business Recorder, 2019
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