The government of KP has formed a 10-year plan for reviving the non-functional industrial units in the province, as per the reports of local media.
As per official data, there are more than 1,286 industrial units in the KP of which 300 are non-functional. The closed units included 34 steel making plants, 16 pharmaceutical factories, 26 plastic procedures, 12 textile mills, 13 food factories and 80 marble units.
While talking to the local media, Abdul Kareem, the adviser of the CM on Industries said that new policy is focused at reviving the 300 closed units phase-wise in the span of next 5 years with a Rs.500 million investment.
He said that the marble industry is the most affected sector in the province, and added that the higher tariff rates for the industrial sector were a significant factor for its downfall.
He said that the government of KP has lowered the power tariff for the industrial sectors for boosting its production.
He added that the Cherat Group had won the bidding of Pahor Hydropower Project which would produce 12 to 18 MWs of electricity. He said that the electricity from this project would be directly offered to the industrial units instead of routing it via the national grid.
Under the new policy, the government intends to form 10 new special economic zones in the various areas of the province for creating new jobs and boost the provincial economy. A 14-member committee has been formed for the implementation of the new industrial revival policy, which would commence from 2020 and complete in 2030.