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| April 5, 2003 | Saturday | Safar 2, 1424 |
Taxes affect Balochistan industry, says Jam
QUETTA, April 4: Withdrawal of tax holiday and imposition of new taxes on industry, including on Gadani ship-breaking industry, badly affected the sector, with scores of units closing as a result.
“Many industries based in Lasbela relocated elsewhere in the country, rendering a large number of people jobless,” Balochistan Chief Minister Jam Mir Mohammad Yousaf told Federal Minister for Industries Liaquat Ali Jatoi in a meeting here on Friday.
If the process of withdrawing incentives extended to the investors in Balochistan continued, more industries would be shifted out of the province or closed, compounding the unemployment problem here as a result, the chief minister said.
Mr Yousaf said effective steps were immediately required to offer more incentives and facilities to the investors in Balochistan.
He also discussed with Mr Jatoi the proposal to establish an industrial zone and giving of facilities to those interested in investing in the coastal town of Gwadar.
The federal minister informed the Balochistan CM that establishment of maximum industries in the country topped the government’s priorities. Towards this end, all possible incentives and facilities were being offered to industrialists.
He assured the CM that the federal government would consider restoring the tax holiday and reducing taxes for establishment of more industries in Lasleba and other parts of the province.
The proposed industrial zone would be established in Gwadar as soon as possible, the minister said, adding that industrialists interested in investing in Gwadar would be provided all facilities.
The Balochistan CM also held a meeting with Chairman, Board of Investment, Mr Wasim Haquee, and informed him that the provincial government was taking concrete steps for promoting investment in Balochistan, including giving protection and facilities to the investors.
Gwadar and other parts of Balochistan offered great opportunities of investment, he said. He cited mineral, fisheries and agriculture sectors as areas where people could invest their capital.
With the construction of Gwadar deep-sea port, the area would become a hub of investment, he said.
Jam Yousaf said the setting up of an industrial zone in Gwadar was also included in the master plan prepared for Gwadar’s development.
He said the Board of Investment should provide all information and guidelines to the local and other investors regarding investment in the province.
Mr Haquee informed the CM that an international seminar was going to be held in Islamabad on investment opportunities. Investors from Islamic and Arab countries would attend it.
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