Diamir Bhasha Project To Revolutionize Industrial Sector: FPCCI

Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Anjum Nisar Wednesday said that with construction of hydelpower projects including that of Diamir Bhasha Dam, the industrial sector of the country could witness a mushroom growth as sufficient electricity would be available at low cost after completion of the projects

ISLAMABAD, (UrduPoint / Pakistan Point News - 15th Jul, 2020 ) :Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Anjum Nisar Wednesday said that with construction of hydelpower projects including that of Diamir Bhasha Dam, the industrial sector of the country could witness a mushroom growth as sufficient electricity would be available at low cost after completion of the projects.

"For last many decades we had been facing energy shortage issue that has almost been stabilized now, however tariffs of the energy being provided to the industry is still high making them uncompetitive in the regional as well as in global market," he said while talking to APP.

The FPCCI president was of the view that several new Special Economic Zones (SEZs) were being built across the country under China Pakistan Economic Corridor (CPEC), which would need more energy in future, so in order to provide electricity at low rates, production of hydel electricity was need of the hour.

He said availability of electricity at lower rates was the basic rule of success of an industry as with expensive electricity, the cost of doing business will also be higher and their output would not be able to compete in the international market.

"Diamir Bahsa Dam will help producing clean and cheap electricity that will also reduce cost of doing business besides making our goods competitive across the globe," he said.

Nisar said the present government was keen to search new markets around the globe for exports but before this the cost of doing business must have to be brought down and exploiting the huge potential of hydel energy in the country was the only way to boost exports.

So the project will not only help revival of industrial development but also will increase exports of the country that will also create new job opportunities for the locals.

He said Prime Minister Imran Khan was very keen to exploit the sources of clean and green energy.

The Prime Minister, he said was frequently holding meetings with the business community to make them motivated for boosting economic activities in the country.

Anjum Nisar pointed out that with the production of clean and cheap energy, trend of international investment into the country was also expected to go upward as cost of doing business and sufficient supply of electricity were the main factors for bringing foreign investment.

Meanwhile President Islamabad Chamber of Commerce and Industry (ICCI), Ahmed Waheed, told APP that until now the country was highly dependent on furnace oil which produced expensive energy that was not fit for the industry as with expensive electricity, the cost of doing business also increased.

Waheed pointed out that since the project of Diamir Bhasha Dam was being built near China border, the area could become industrial hub by transferring of industry and technology from China to Gilgit.

He said the Prime Minister was also very interested in production of clean and green energy for overall development and prosperity of the country.

The ICCI president was of the view that so far Gilgit had been untapped region where huge potential of stones, minerals, and herbs existed, which would attract international investment in the country.

President of Gilgit Chamber of Commerce and Industry Rizwan Ali said in Gilgit there was no big industry but with the construction of Diamir Bhasha Dam, it was hoped that this area would witness a new era of industrial and tourism development.

"We have huge resources of minerals, stones, and herbals therefore industry of gems and jewellery can be built in the area which has potential of earning foreign reserves of $40-$50 billion.

Besides, he said the tourism industry in the area was growing day by day which also needed construction of new hotels and parks and the project of Diamir Bhasha Dam could fulfill the growing demand of electricity in the area.

He said Chinese investors also liked this area due to environment and weather, so they would also be willing to invest more in this area.