Business community of south Punjab on Monday urged the federal government to seek foreign investment in Pakistan to generate funds for the construction of Diamer-Bhasha dam.
Multan Chamber of Commerce and Industry (MCCI) President Malik Asrar Ahmed Awan asserted that billions of dollars could be collected by launching shares of the dam in domestic and international stock markets as the project could attract investors. He said that the government should not just rely on donations rather approach other available options as well. “Investors should be declared as shareholders for building the dam and the government should provide assurance in protecting their investment,” he said.
According to latest updates by the State Bank of Pakistan (SBP), about Rs 3 billion has been collected so far while approximately Rs 1500 billion are required for the construction of the dam.
The countrywide contribution to the fund stood at Rs 2.87 billion, whereas Rs 147.6 million was transferred from abroad. Experts revealed that the Diamer-Bhasha Dam is the multipurpose project which concentrates on water storage, flood mitigation and power generation. The project will generate 4,500 megawatts of power with the annual energy generation of more than 18 billion units of low-cost and environment-friendly electricity.
Former MCCI president Khawaja Muhammad also urged the government to ensure provision of cheap energy for industrial sector and said that it was only possible via hydroelectricity generation projects. “Besides huge reservoirs, small dam projects are also required,” he said, adding that investment should be promoted in hydroelectricity generation projects. He urged the Independent Power Producers (IPPs) to shift their investment on hydroelectricity generation projects. He further suggested that the government should exempt individuals and all companies from income tax for promoting donations for the dams’ construction.
Currently, the Federal Board of Revenue (FBR) has been investigating into foreign remittances of over Rs 10 million. “The government should also exempt investigations into foreign donations for the dam of more than Rs 10 million from abroad,” he said, adding that new bylaws should be introduced for housing societies to preserve rain water for enhancing water level in urban cities.
Published in Daily Times, September 18th 2018.
