WB-funded Projects To Help Overcome Emerging Challenges: Dr Sajjad Arshad

Faisalabad Chamber of Commerce & Industry (FCCI) Acting President Dr Sajjad Arshad said that World Bank (WB) funded projects could help overcome the emerging challenges besides attracting maximum Foreign Direct Investment (FDI)

FAISALABAD, (UrduPoint / Pakistan Point News - 26th Feb, 2024) Faisalabad Chamber of Commerce & Industry (FCCI) Acting President Dr Sajjad Arshad said that World Bank (WB) funded projects could help overcome the emerging challenges besides attracting maximum Foreign Direct Investment (FDI).

He was addressing an awareness session about “Pilot / Demonstration Resource Efficiency & Cleaner Production Investment in Key Industrial Sectors” organized by the Punjab Small Industries Corporation (PSIC) in FCCI.

He said that 21 percent decline in FDI was witnessed which was an alarming situation. "Hence we must avail WB-funded projects to deal with the issue of technology up-gradation in addition to containing the fast increasing environment related threats," he added.

He said that the Small Industrial Estate (SIE) was playing its role in the overall development of Faisalabad but its condition was very pathetic. He urged upon the Regional Director PSIC to focus on these issues and provide a congenial environment to the industries operating in this Industrial Estate.

He appreciated the WB-funded projects launched through the PSIC and said that the concerned sectors must avail from this subsidized loan facility as it would help in attracting FDI, latest technology and up-gradation of the existing units in addition to making them environment friendly.

He was optimistic that Regional Director PSIC Naeem Ullah Bhatti would play a proactive role to resolve the problems of the estate on priority basis by getting maximum loans from the WB.

Naeem Ullah Bhatti said that SIE was sprawling over 10 squares of land but facing resource constraints coupled with shortage of staff.

Commenting on the law & order situation, he said that he was in touch with the City Police Officer (CPO) and would ensure regular police patrolling to discourage the rampant incidents of dacoities.

He said that the transfer cases of plots were lying pending for the last three years. “Three meetings were held during this period but still 40 cases are unresolved”, he said and added that another meeting was scheduled for February 29 and important decisions regarding recovery and pending cases were expected to be resolved in it.

About Resource Efficiency and Cleaner Production Investment, he said that environment degradation had posed a serious threat and small units with limited financial resources could get a grant up to Rs.10 million. “This amount could be utilized for up-gradation of machinery, installation of solar system and dry & wet scrubbers”, he said and added that on the special demand of FCCI sizing and foundry sector had been included in this scheme.

He further said that this loan would be provided with an equity of 80-20 % and with two percent service charges and 2% interest.

He said that the case to include the power loom sector would also be forwarded to the provincial government along with the demand to eliminate two percent interest as these sectors were passing through a deep crisis.

Shakeel Ahmad Ansari, Chaudhry Muhammad Nawaz, Sanaullah Khan Niazi, Waheed Khaliq Ramay, Ijaz Ahmad Nagara, Amir Nisar, Mian Ashfaq Ashraf, Khadim Hussain Maan, Saifullah Khan and Rana Amir also highlighted the problems of their respective sectors.

Later, Dr Sajjad Arshad presented FCCI shield to Naeem Ullah Bhatti Regional Director PSIC while the relevant stakeholders from sizing, foundry and power looms sectors were present on the occasion in addition to Vice President FCCI Hajji Muhammad Aslam Bhalli.