Multan ( Kamran Saeed ): A three-day Virtual Investment Conference has been started in collaboration with USAID, Board of Investment Punjab and Multan Chamber of Commerce and Industry (MCCI),to identify opportunities and challenges for commercial and social investment in South Punjab. The conference was organized in collaboration with USAID, Punjab Enabling Environment Project (PEEP) and South Punjab Private Sector. The conference will focus on four economic sectors: agriculture, tourism, textiles and energy.
During the conference, challenges in the development of the private sector in South Punjab, especially the difficulties in accessing the market due to the Corona epidemic were also discussed. The conference is being organized with the special efforts of Sheikh Ahsan Rasheed, Director, Board of Investment, Punjab and CEO, Hafeez Ghee & General Mills, Shama Banaspati & Coking Oil. The conference was attended by representatives of all the chambers of South Punjab, PCGA and PCPA.
Addressing the inaugural session of the conference, US Consul General Lahore Catherine Rodriguez said that a broad framework was needed for the promotion of a joint investment strategy for sustainable development in South Punjab. USAID is working on various projects in South Punjab.
USAID Pakistan Mission Director Julie Conan said that we are aware of the obstacles in the development of South Punjab and we are confident that a new era will soon begin with the joint efforts of the Government of Punjab and major public and private partners.
Addressing the virtual conference, Additional Chief Secretary Zahid Akhtar Zaman make aware participants with the government policies. He that the government has set up a South Punjab Secretariat for the development of the region. He further said that the first priority of the government with regard to South Punjab is the agriculture sector. ACS stressed that public-private partnership plays a key role in the development and prosperity of the region.
Addressing the session, Sheikh Ahsan Rasheed, Director, Board of Investment, Punjab and CEO, Hafeez Ghee & General Mills, ShamaBanaspati& Coking Oil said that there are ample opportunities for investment in South Punjab. We must look at the resources we have. The needs of South Punjab can be met by focusing on solar, waste and biomass energy. Investors are keen to invest in the energy sector, but the investment process is stalled due to ambiguity in government policy.
He said that the question among the investors is who will buy the electricity generated after investing in the energy sector. The federal government has no clear policy in this regard, which is a major reason for the stalemate in investment. He informed the session that the source of energy in South Punjab is wood, for which trees are cut down and it is badly affecting the environment. He reiterated his commitment to manufacture solar panels by investing locally and said that he is ready to manufacture solar panels locally if the government cooperated.
To his question, government representative Sania Owais said that the government would provide full support for investment. Ahsan Rashid said that we need to focus on the areas discussed in today’s meeting. He called on USAID and the US government to provide financial support and assistance in policy making at the governmental level. He said that with the help of USAID in policy making we can open new avenues of development in South Punjab. Representing South Punjab, he thanked USAID and expressed his desire for a long-term relationship.
Kanwal Bukhari, the host of USAID’s Virtual Session, paid tribute to Sheikh Ahsan Rasheed for playing a key role in promoting investment in South Punjab and organizing the conference.
Punjab Board of Investment and Trade CEO Arfah Iqbal in a detailed presentation informed about various opportunities for investment in South Punjab. Harris Qureshi, US International Development Finance Corporation (DFC), Dr. Asif Ali, Vice Chancellor, MNS Agricultural University, Fareed Ahmad Khan, Chief, Corporate and Investment Banking Group (CIBG), Punjab Bank andAnees Khawaja from Dera Ghazi Khan Chamber and Industry (DCCI) also addressed the session.
In his keynote address in the second session of the first day, Dr Muhammad Akhtar from Multan Chamber of Commerce gave a detailed account of investment opportunities in the energy sector. USAID correspondents John Corundo, Annie Secole, Don McCabe, Rabia Bukhari, Peter Story and others shared their views. During the session, PITB representative Dr. Sohail and MD Punjab Power Development Board (PPDB) answered questions from the government.
