KARACHI - Sindh abounds in resources and has the potential to become a regional economic and power hub, Chief Minister Qaim Ali Shah said on the sidelines of the Second Annual Investment Conference in the UAE on Tuesday.
Qaim, who was addressing a press conference along with Federal Commerce Minister Amin Fahim at the UAE consul general’s residence in Dubai, congratulated the UAE government for organising such an international event, which according to him, made that country a destination for business collaborations. According to a statement issued from the CM’s Secretariat, Qaim said that Sindh had been blessed with all the resources to become a regional power house. “Sindh has proven reserves of 175 billion tonnes of coal that can generate 100,000-MW electricity for the next 300 years. With its 180-km-long wind corridor, the province produces over 70 per cent of Pakistan’s gas and 51 per cent of oil.”
“Sindh has over 5.4 million hectares of cultivable land and contributes about 23 per cent to the country’s agriculture. There is a massive scope for food processing and agri-businesses. Sindh has a big competitive edge in production of horticulture, especially dates, mangoes, guava, banana, onions and red chilly. Besides, the province also has a huge potential for livestock, including dairy and halal meat production. Sindh has 350-km of coastline and accounts for 71 per cent of the country’s marine resources, including fish and shrimp.”
The chief minister emphasised that both the federal and Sindh governments were participating in the event to explore the possibilities of increasing foreign investment in Pakistan.
He said the governments had evolved a very attractive policy regime for foreign investment carrying a range of benefits for foreign investors. “For investment in Thar Coal and Wind projects, there is an attractive tariff; there is dollar based repatriation of profits and plus a zero-rated import duty on import of machinery.”
The chief minister stated that given that 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.
“We have come here with great enthusiasm and we look forward to very robust and fruitful interaction not only with the UAE government but also with other government and international business delegations for fruitful economic exchanges,” concluded the chief minister, who is heading a high-powered official delegation to attend the conference that started on Tuesday.