KARACHI, Aug 2: The Chairman, Board of Investment (BoI), Waseem Haqqie, has said that the government is ready to offer land on deferred prices for setting up industrial units. Talking to members of the Karachi Chamber of Commerce and Industry (KCCI) on Tuesday, he said that the vast holding of land by state-run departments like Pakistan Railways, Karachi Port Trust, Wapda, PIA and provincial departments should be utilized for setting up industry that could help mitigate the issue of availability of land at reasonable price.

He said the government land would not be given free or on concessional prices. However, he added, the land to be sold to businessmen on market price, could be offered on deferred payments. He said the government was planning to invest Rs306 billion to improve the infrastructure to ensure that the industrial estates and zones get proper communication network, gas, electricity and water.

Housing and construction sector would be highlighted further in the coming years as major investors from the Middle East, Malaysia and Singapore were interested to invest in Pakistan. “Some of major housing projects are on the cards in three major cities of the country,” he added. Power and telecom sectors would be attracting foreign investment to the tune of $1 billion annually, he hoped. “We have achieved $1.5 billion foreign investment target this year and will also achieve this year’s target of $3 billion”.

About the image of the country, he said the government was aware of this issue due to which it had formed a separate cell to devise some strategy to improve the image of the country abroad. However, he added that after the improvement in Pak-India relations, the image had improved a lot.

Responding to the welcome address by KCCI President Khalid Firoz, the BoI chairman suggested the chamber to hold regular meeting with the Inspector General of Police and the Chief Secretary of Sindh on monthly basis. He added that he would request them to ensure the monthly meeting to redress the issue of law and order.

The KCCI chief said that the personal guarantee should be waived while extending loans to the industrialists and businessmen. He also underlined the need for long-term industrial policy to ensure that industrialization was done on accelerated pace.—APP