News
Wednesday, May 02, 2012
Sindh holds potential to become economic, power hub: CM
* Qaim Ali Shah appreciates UAE government for organising annual investment conference
* Says Pakistan is a country of tremendous opportunities
KARACHI: Sindh is a resource rich province of Pakistan with every potential to become economic and power hub, Sindh Chief Minister Syed Qaim Ali Shah was quoted to have said during a press conference arranged at the residence of UAE Counsel General.
According to a press release issued on Tuesday a high-powered official delegation, headed by Syed Qaim Ali Shah, is attending the second annual investment conference scheduled being opened in Dubai on Tuesday.
Shah in his press conference appreciated the UAE government for organising the event and said Pakistan is a country of tremendous opportunities.
He said such events would make UAE a destination for business collaborations.
Focusing on Sindh’s potential he said Allah has blessed Sindh with all the resources to become regional powerhouse. “Karachi, the largest city, and finance and trade hub of the country is Sindh’s capital,” he was quoted to have said.
The chief minister said his province has proven reserves of 175 billion tonnes coal that can produce 100,000 MW of electricity, good enough 300 years. Moreover, it also has a 180km long wind corridor and produces over 70 percent of country’s gas and 51 percent of oil.
Sindh has over 5.4 million hectares of cultivable land and contributes about 23 percent to country’s agriculture that enhances its scope for food processing and agri-businesses.
The Sindh chief minister said the province also has a significant competitive edge in production of horticulture especially dates, mangoes, guava, banana, onions and red chilies. In addition, Sindh also has huge potential for livestock, including dairy and halal meat production.
Sindh has 350 kms coastline and accounts for 71 percent of country’s marine resources including fish and shrimp.
Shah emphasised that the government of Pakistan and the provincial government of Sindh were participating in the event to explore possibilities of increasing foreign direct investment.
He said both the federal and provincial governments have evolved a very attractive policy regime for foreign investment carrying range benefits for foreign investors. The chief minister of Sindh particularly referred to Thar coal and wind projects with attractive tariff complimented by facility for dollar based repatriation of profits plus a zero rated import duty on import of machinery.
Shah said that given Sindh’s mineral resources and renewable energy resources coupled with an attractive incentive package, it was a great opportunity for international companies to invest in this sector. appCourtesy www.dailytimes.com.pk