ISLAMABAD: The federal government was establishing an investment promotion council for Khyber-Pakhtunkhwa and Fata for the growth of business and local economy.
Federal Minister for States and Frontier Regions Shaukatullah Khan chaired a meeting here on Thursday on the establishment of the council and stated that foreign and local investment in Fata was need of the hour as floods and terrorism had ruined economy of the region.
He stated that the government was determined to concentrate on its core functions including security, regulation, provision of social and municipal services and creation of an enabling environment for investment.
He emphasised the need for encouraging the use of cluster-based approaches for efficient economic development in marble, fossil fuel, minerals, agro-based industry and manufacturing industries since Fata had been identified as areas with rich natural resources. There was need to establish training and incubation centres for entrepreneurial and skill development projects in Khyber-Pakhtunkhwa and Fata, he said.
The minister asked all the stakeholders to work closely with the state and provincial agencies, while banks and financial institutions should extend facilities of access to credit for business and economic growth of Fata and KP.
Chairman of Regional Institute of Policy Research and Training (Riport) Khalid Aziz informed the meeting about the setting up of the council.
Safron Secretary Habibullah Khan, representatives of USAID, Fata parliamentarians and other officials attended the meeting.
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