GUJRAT: The local business community has refused to invest in the proposed phase 2 of the industrial estate area prior to the project’s execution.

They expressed their refusal citing a previous bitter experience of paying in advance for the purchase of plots in the same project that had been originally planned around 25 years ago but never executed and the amount deposited by them not yet returned.

The businessmen stated that the government should first develop and execute the project after which they could pay for the plots. Some 2,400 applications by local businessmen had been submitted with the office of Gujrat Chamber of Commerce and Industry (GTCCI) four months ago for the allotment of industrial plots in phase 2 of the project.

The Punjab Industries, Commerce and Investment Department through the office of the deputy commissioner sought a clarification from the GTCCI regarding the amount and source of funding of the industrial estate as well as the water table of the proposed land.

The executive body of the GTCCI discussed the matter in a meeting and most of the participants were of the view that the business fraternity will not take any further risk in the wake of their previous bitter experience in 1991.

Previously, the project had to be executed at the Channi Hafiz village along GT road near Deona Mandi which was resisted by local farmers through litigation as well as street protests. The amount deposited by investors was never returned to them nor the project initiated since the government could not acquire the proposed land.

Now, the land revenue department had earmarked 200-acre agricultural land near Sheikh Sukha village and its surrounding three villages along Gujrat-Sargodha road for the establishment of phase 2 of the industrial estate after the local business community had agreed to the site and the matter was forwarded to the provincial government.

The phase 2 is being called Chenab Industrial Estate Gujrat by the GTCCI and the district government.

Official sources told Dawn that in case of refusal to invest by local businessmen, the industries department might ask the Punjab government to approve a loan to invest in the project, which would take some more time and the dream of completing the project prior to the 2018 general elections would not come true.

Published in Dawn January 25th, 2017