November 4, 2003	Tuesday	Ramazan 8, 1424

QUETTA, Nov 3: The provincial government has set up three committees for identifying sick industrial units, resuming production at closed factories and increasing investment in Balochistan.

“Balochistan government decided to offer an attractive package to the owners of sick units and investors for the rehabilitation of closed units and new investment in industrial sector,” official sources said.

According to the sources, the provincial government would provide land at the lowest rates for the new investors to promote investment in Balochistan.

The provincial industries department had also offered “unimaginable incentives” for reviving the sick units to bring them back in production. The incentives also included waivers of penalties on all outstanding dues.

The industries department was also ready to give relaxation and reduce the fixed electricity charges of the industrial units motivating the owners to resume production. It included the provision of utilities on reduced rates of security deposits for investors.

The provincial government has offered the facility of easy instalments for the defaulters in order to motivate them to make investment and repayment of their outstanding loans.

The sources said that the provincial governor and chief minister can receive ideas, suggestions from the potential investors besides the officials of the industries department. The industries department had assured special handling for the potential investors, owners of sick unites and was issuing a proforma for all those interested parties. The proforma can be obtained from the director, industries and the managing director LIEDA, at Hub Industrial Estate, official sources said.

A large number of industrial units were closed for various reasons in Hub, Winder and other industrial unites. The closure was mainly attributed to withdrawal of tax holiday to Hub and Windar Industries by the federal government.

Despite representation by the provincial government, investors and factory owners, the federal finance ministry refused to extend the tax holiday for an indefinite period. The withdrawal of exemption in customs duty on raw material and machinery was another important factor, which forced the factory owners to close down their industrial unites in the province.

The provincial government despite all difficulties and opposition by the independent economists was making all possible efforts to bring back the investors and revive closed industrial units.

The Independent economists were of the view that most of the rich owners of the closed industries who have already closed down their business leaving all debts and liabilities for the banks and the financial institutions to handle should not be extended any kind of facility or incentives.