Board of Investment Chairman Saleem H Mandviwala on Saturday informed the business community that work on setting up of a refinery at Lasbela at an estimated cost of four billion dollars is likely to start soon. Speaking at a meeting of Lasbela Chamber of Commerce and Industry at the chamber here, he said that during his visit to the UAE along with the Prime Minister, the issue was taken up with the interested parties.
He said the government has already allotted 1200 acres land for the proposed refinery. The investors are asking for more land for the refinery. He said that during his stay in UAE, the issue of cement plant also came under discussion with investors and they agreed to restart it during 2009.
The chairman recalled his visit to Italy and said that the Italian companies have shown interest in developing 'Marble City' and marble training institute in Lasbela.
Referring to a demand of setting up of 'Seafood City,' he said that the possibilities could be examined. The chairman said that Japanese investors have shown interest in introducing corporate farming in Pakistan. The issue will be discussed with the government of Balochistan for allotment of land for this purpose.
He said that the government is examining possibilities of reducing taxes. Replying to a question during a chat with newsmen after the meeting, he said that a number of units are closed in Hub industrial estate owing to variety of reasons. The government is ready to provide all possible facilities to revive these units, he added.
Replying to a question about electricity crisis, the chairman said that efforts are under way to overcome energy crisis and hoped that the government will succeed in achieving its targets in shortest possible time. He said the government is expecting around 30 billion dollars investment in energy sector in next 10 years.
The chairman said that a firm has proposed setting up of a shipyard at Gwadar. The chairman did not agree with questions of having another port at Sonmiani and saying that due to shallow seabed, it may not be possible. About tourism, he said that tourism is a different area. This area also has perception problem. However, this is an area where investment can be made attracted.
Representative of Hub Power Company, Aziz said that the company is facing serious finical problems due to non-payment of Rs 52 billion by different organisations. He said that 1200 MW power may go out of the system if these organisations failed to make payments.
Saleem H Mandviwala assured the representative that he would arrange a meeting of the company with the Prime Minister's Advisor on Finance to resolve the issue. Lasbela Chamber President Dr Muhammad Aslam suggested that in order to facilitate the industrial investment in the region, the import of plant, machinery, accessories and raw material be declared as zero-rated which will help boost the industrialisation. He suggested that Hub Town is the most suitable place for setting up of Japanese Investment Zone.