CM launches another initiative for industrial development

Peshawar: Chief Minister Khyber Pakhtunkhwa Amir Haider Khan Hoti has formally launched government’s another revolutionary initiative for industrial development in the province in a simple but revered gathering at CM House on Tuesday.

Under the program, long term loans on soft terms will be offered to industrialists for development of industry and setting up new industry with allocation of Rs. 1 billion for the program during the current year. A

MoU was signed between Bank of Khyber and Provincial Industry Department on the occasion. Senator Ilyas Bilour, Provincial Industry Minister Sami Ullah Alizai, Secretary Industry Fazal Karim Khattak, Secretary Finance Sahibzada Saeed, MD BOK Bilal Mustafa, members chamber of commerce, and industrialists were also present on the occasion.

Addressing the gathering on the occasion, the CM paid tributes to role of industrialists and business community in continuity in trade and business activity despite untoward and tough circumstances.

He said that this program of industrial development has been prepared on recommendations of industrialists and chambers and has been launched. He said that more resources were available this year and it’s an opportunity to cope confronting challenges.

He said that, in order to benefit from these opportunities, the government has initiated special initiatives this and the previous year, added, including Bacha Khan Khpal Rozgar Scheme, Pakhtunkhwa Hunarmand Rozgar Scheme, Riwayati Hunarmand Rozgar Scheme, Benazir Health Support Program, IT Parks, Stori Da Pakhtunkhwa Scheme, Rokhana Pakhtunkhwa Schemes, free technical training, nursing, promotion of mechanized farming and families support program for girls education in districts TorGhar and Kohistan.

He said that the MoU between BOK and Industry department, a scheme of long term loans for promotion of industry in the province, has formally commenced under which industrialists will be provided loans for eight years with mark up upto 7%.

He said that these loans will be offered for establishment of new industry, improvement in existing industry and agro based industry that will make available opportunities of employment and will enhance business and trade activities.

He said that this scheme like the aforementioned schemes will be made successful. He said that distribution of loans will be purely on need and merit basis. He lauded the role of BOK in realizing government’s welfare schemes.

He said that scheme of free treatment to cancer patients and laptop scheme for intelligent students will commence this month while bearing the importance of IT needs, the establishment of another IT Park in Abbottabad was also under consideration.

He said that terrorism and militancy can be battled with more investment in development of education and industrial sector. He said that it was blessing of God that people of KP ran in the right direction.

He expressed satisfaction that future governments will keep on these people welfare schemes.

He said that we have undertaken practical measures for provision of education opportunities to youth, employment opportunities to jobless youth and need of modern machinery to farmers. He said that development wheel needs to keep on revolving.

He said that five projects under Provincial Action Plan for hydro power generation have been launched, added, 2100 MW power will be generated under 24 projects. He said that this will help lessen energy crisis and will earn resources worth billions for the province.

He said that Oil and Gas Company of the province will soon be realized and provincial board of investment has been established and its formal meeting will soon convene. He said that recommendations of business community have been considered in selection of members of the board.

The CM lauded efforts of MD BOK and his team that not only enhance economic activities but also stabilized the bank.

He asked the industrialists and traders to put up their recommendations for acquiring amount of Rs. 200 million allocated to SMEs in order that can be utilized on economic development of the province. Provincial industry minister and MD BOK also addressed the gathering and highlight long term financing scheme for industrialist.

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