SCCI demands revamping of KPBOIT
Islamabad-Sarhad Chamber of Commerce and Industry (SCCI) has criticised that the Khyber Pakhtunkhwa Board of Investment and Trade (KPBOIT) has become a “White Elephant” costing government dearly without any result or achievement of objective of attracting investment, and demanded the provincial government to revamp the KPBOIT.
KPBOIT didn’t invite any single investor to Khyber Pakhtunkhwa and remains busy in irrelevant tasks without paying heed to its core responsibility of attracting investment, said Senior Vice President Sarhad Chamber of Commerce and Industry Engr. Manzoor Elahi, in a letter written to the KP Chief Secretary, Dr Kazim Niaz Khan.
The letter, the copy of which is available with The Nation said that unfortunately, KPBOIT remained almost dysfunctional, inactive and dormant without taking any initiative for attracting investment in KP. KPBOIT was formed in 2013, with the prime objective of attracting international and national investment in KP. In 2013, KPBOIT remained active and worked on a few mega projects in KP.
“In 2019, an Ex Official of PD Ministry, Islamabad, Hassan Daud Butt, was made the CEO of KPBOIT with tall claims and hefty promises, however there is no initiative to-date for the last 2 years under his stewardship,” the letter said. Unfortunately, KPBOIT remained almost dysfunctional, inactive and dormant without taking any initiative for attracting investment in KP.
During this time, KPBOIT did not invite any single investor to Khyber Pakhtunkhwa and remains busy in irrelevant tasks without paying heed to its core responsibility of attracting investment.
In order to revamp KPBOIT to achieve its core objectives, it has been recommended to appoint KP based CEO in KPBOIT with relevant experience and performance based salary package with specific time-bound targets for enhancing investment in KP. Performance monitoring and evaluation mechanism should be put in place to assess tasks and target achievements.
It has also been proposed that proper liaison committee/mechanism should be constituted to remain in coordination with existing and prospective investors for their attraction and retention in KP in multiple potential sectors. An appropriate database of KP potential sectors should be established and updated for marketing and highlighting importance of investment in the province. Feasibilities and business development plans should be advertised for attracting investors.
Through recommendations of Sarhad Chamber of Commerce Industry, Vice Chairman, Members BOD KPBOIT should be sought for being the most experienced, largest and prime chamber of KP for optimal performance for achieving desired goals and objectives of attracting investment. A joint coordinated effort should be made through SCCI to attract KP based diaspora community settled outside KP, to come and invest in the province. KPBOIT performance is sheer disregard towards Khyber Pakhtunkhwa’s confidence and trust.
“We request your authority to salvage KPBOIT through implementation of proposed recommendations and ensure right people at the right place for serving the purpose and Khyber Pakhtunkhwa by proper utilisation of valuable finances, the letter concluded.
When contacted Chief Executive Officer (CEO) KPBOIT, Hassan Daud Butt for his comments it was conveyed in written response that Board has facilitated first ever Private Special Economic Zone by M/S Saif Group in Paharpur D.I.Khan with an estimated investment involved in the project is Rs 64 billion.
The claim, which was rejected by source in Khyber Pakhtunkhwa Economic Zones Development and Management Company (KPEZDMC) saying that it was done by the KPEZMIC and not KPBOIT.
Similarly, it was also claimed by the KPBOIT that they have facilitated investment by Chinese enterprise Century Steel Mill in SEZ Rashakai. However, the source claimed that it was done by China Road and Bridge Company (CRBC) and KPEDZMC.
Similarly, KPBOIT interaction with M/S Fauji Fertilizer Company (FFC) resulted in FFC submission of LOI for an investment of Rs. 120 billion approximately in Fertilizer plant and Phosphate mining projects in the province.
Similarly, KPBOIT is facilitating Coca Cola establishment Bottling Plant in Dingi near Industrial Estate Hattar (Haripur), and KPSEZA facilitated KPEZMEC and the Chinese enterprise in signing of Developer agreement. It was claimed that BOIT facilitated Kulal Solar (Pvt) Ltd in establishment of Solar Panel Manufacturing. KP-SEZA processed and recommended the relief / exemptions of custom duties and tax on import of machinery to Board of Investment, Islamabad. KPBOIT has also interacted with MAERSK (an International Logistic Company) regarding establishment of Cold Supply Chain / warehousing facilities. However contrary to the claims made by KPBOIT, the source said that so far, no road show or investment conference has been organized by the BOIT to attract investors to the province.
Article source: https://nation.com.pk/29-Mar-2021/scci-demands-revamping-of-kpboit