He said that privatisation of Pakistan Steel Mill is likely to be completed by December 31. Appointment of finical adviser for privatisation of steel mill is in an advanced stage.
He said that total demand of steel in the country is around 3 million tons whereas production is only 1.5 million tons.
He informed the business community that Pakistan would be getting around $200 million in the shape of investment in oil and gas sector every year
He noted that around 20 companies are operating in the oil and gas sector, out of which 15 are foreign companies. Waseem noted that Pakistan has total 27 billion barrels oil reserves, out of which only 3 percent is being produced.
Likewise, the country has 287 trillion cubic feet gas reserves, out of which only 15 percent is being produced.
He said that oil prices would not go down in near future, which have already touched $62 per barrel.
He said that total world demand of oil is around 85 million barrels per day, whereas the production is meeting only 78 percent of the demand. Demand-supply gap will not allow oil prices to go down, he argued.
He said that market forces govern the prices of land and business community has to get it at market price. He, however, agreed that the government could allot plots on deferred payment and charge the same in instalments.
Haqqie said that the government has enough land at Port Qasim, Nooriabad and other industrial estates but the bureaucracy was creating hurdles in establishing industrial units on these lands.
He noted that government departments are till over-staffed. There are total around 3 million government employees. However, he said, downsizing was not possible due to poor employment position in the private sector.
He noted that the government was providing around $2 billion to various departments, including Wapda, PIA, KESC, PNSC etc, to overcome their losses. This subsidy has been reduced considerably due to improvement of their financial condition. Some of the departments are making profit, including PIA, he added.
He said that Pakistan has imported around $13 billion worth of machinery in last five years. This has brought radical changes in the textile sector. Now this sector is competitive in international market and qualifies WTO requirements.
The BoI Chairman said that housing and construction sector and industrial sector are fast emerging in Punjab. Punjab government has more business-oriented policies whereas Sindh government is politically motivated.
Waseem advised that FPCCI, KCCI and other trade bodies should jointly establish a fund to carry out development in their respective areas. "Do not always look toward government", he added.
He assured the business community that he would arrange KCCI meeting with Prime Minister, once every three months, to discuss issues and problems faced by industrialists and business community. Regarding Pakistan's image building, he said that a 'Cell' has been establish at federal government level to adopt measures for Pakistan's image building.
Welcoming the guests, KCCI President Khalid Firoz said that the country is being run without a comprehensive long-term industrial policy.
He said that commerce and industries minister, just after assuming the office in October 1999, had stressed the need for formulating and announcing a comprehensive and compact industrial policy, but, instead, contended with announcing multiple visions and organisations.