The NWFP Minister for Finance and Environment, Shah Raz Khan on Sunday has said that the investment friendly policies, exemption of property taxes on industrial units in industrial estates and other incentives are promoting the industrialisation in the province.
Addressing post-budget press conference Shah Raz Khan disclosed that during the last four years of the government of religio-political alliance of MMA a total of 319 new industries have been set up in the province and around 73,000 labourers had got employment opportunities.
Dispelling the impression of no industrialisation in NWFP during the present provincial government, he said 54 new industries were set up last year only in Gadoon Amazai Industrial Estate. He said although Gadoon Amazai is considered a graveyard of industrial units since the withdrawal of incentives announced by the federal government.
He added an investment of Rs 2.5 billion was also made in the estates adding that 48 acres land has been acquiired for establishment of PVC pipe manufacturing unit in Gadoon Amazai Industrial Estate.
"The total investment made in last one year in NWFP is around Rs 3.96 billion whereas 11,147 persons also got employment opportunities," Shah Raz Khan added.
The provincial government, he said had also constituted an Investment Facilitation Council and Investment Facilitation Committee; the former is chaired by the chief minister while the later is headed by Chief Secretaries.
The bodies having representation from both public and private sectors are holding regular meetings since their formation in 2005.
The Investment Facilitation Council, he said has prepared an agenda after thoroughly taking review of industrial policy. The same agenda will be presented to the Chief Minister for approval in the first week of the next financial year. The minister said that the expansion of Hattar Industrial and Nowshera Industrial Estates were also successfully in progress.
In reply to a question regarding promotion of tourism sector, the minister acknowledged the potential of sector in the province, saying before the formation of the government of MMA roads were in deplorable conditions.
The provincial government, he said had improved roads till Dargai while construction of the remaining portion is being carried by National Highway Authority (NHA). In a recent meeting of Economic Co-ordination Council, the minister said federal government had approved the improvement of roads till scenic valley of Kalam. The completion of work on the roads would help the government to catch the potential of tourism in the province.
The government, he said had also constituted a committee comprising members of Sarhad Chamber of Commerce and Industry (SCCI) and Agricultural Chamber of Commerce of NWFP, secretary finance NWFP and officers of other concerned departments for introduction of tax reforms in the taxation system.
He said the provincial government in the finance bill 2007 has revised tax rates and had exempted widows of the property tax on in urban areas not exceeding tax of Rs 10000 Similarly, stamp duties on different instruments had also been revised to increase the revenue of the province.
The government, the minister said during the last four and half years had retired a federal government debt amounting to Rs 13 billion to save another amount of Rs 3 billion payable in shape of mark up. Next year, he said government would retire another debt of Rs 5 billion to raise the total toll of retirement to Rs 22 billion. Provincial Minister for Information, Asif Iqbal Daudzai and administrative secretaries of provincial departments were also present in the post-budget press conference.