LAHORE: Governor Khyber Pakhtunkhwa (KP) Faisal Karim Kundi has said that Pakistan is a rich country in potential and resources, and urged all segments to collaborate for Pakistan’s development and prosperity.
Speaking at the Lahore Chamber of Commerce and Industry (LCCI), Faisal Kundi said that the situation in Punjab is relatively better while KP is suffering from 16 to 18 hours of load shedding.
He said that after Tarbela, no major dams have been constructed, and suggested that if KP, which produces the cheapest electricity, is given even half of its production, the province’s load-shedding issue could be resolved.
Kundi acknowledged the challenges faced by KP, including inflation, economic and terrorism issues.
He highlighted the need for vocational training and support for the youth to improve the province’s soft image and promote peace.
He agreed with LCCI President Kashif Anwar that a robust tax net is crucial for national development.
He shared his experience from a recent visit to Dushanbe, where investors questioned whether Pakistan could offer the same facilities they receive in Tajikistan, such as electricity at 2 cents per unit.
Addressing the issue of Afghan transit trade, Governor KP acknowledged the importance of maintaining good relations with Afghanistan as it serves as Pakistan’s gateway to Central Asia.
Kashif Anwar underscored the need to reduce expenses to stabilise the economy, particularly focusing on revising agreements with IPPs to prevent the nation from incurring unnecessary costs.
He criticised the Federal Board of Revenue (FBR) for the burdensome SROs that have increased difficulties for existing taxpayers.
He called for measures to control inflation, which is driving unemployment and affecting the law and order in the country. He also raised concerns about industries relocating abroad and the increasing brain drain due to a lack of facilities in Pakistan.
He also stressed the need for import substitution, stating that industries must be provided with affordable electricity and gas to reduce production costs, which is crucial for boosting exports.
Anwar highlighted the potential of the IT sector for generating foreign exchange and called for friendly policies for its growth.
Furthermore, Anwar called for an end to smuggling and transit trade issues, which are harming the economy, and urged political parties to sign the Charter of Economy immediately.