CM Sarfaraz Bugti announces setting up of Balochistan Bank

Balochistan Chief Minister Mir Sarfaraz Bugti has announced the establishment of Balochistan Bank for the convenience of investors, reported 24NewsHD TV channel on Thursday.

Chief Minister Sarfaraz Bugti recalled that when he took oath as chief executive of the officer President Asif Ali Zardari had advised him to set up Balochistan Bank and “Soon we will hear good news regarding this”.

The chief minister made the announcement while addressing the Balochistan Business and Investment Conference at Karachi Federation Chamber on Wednesday.

Sarfaraz Bugti also announced the provision of one-window operation facilities for the convenience of investors, assuring that the business community investing in Balochistan would not face any difficulties from the bureaucracy. “We will provide them with help and support wherever the business community asks for it, the provincial government will ensure the provision of a conducive environment for investment,” he added.

The chief minister said there is no doubt that Balochistan has lagged behind in the race for economic and social development and it could be brought forward only through the business community. He said for this the provincial government would promote investment and provide incentives and facilities to investors saying the development budget of the province is only Rs210 billion, which is insufficient.

Bugti noted that security problems have definitely increased in Balochistan, due to which businessmen are afraid to invest in the province but the provincial government would provide complete protection to investors and could also give the same security to national investors as it is giving to international investors.

“5,000 acres of land have been requested by the business community and investors. In order to facilitate them, we are prepared to offer 10,000 acres of property”, he said, adding his government would also provide one-window operation facility for businessmen.

Bugti said that the second biggest problem of Balochistan is energy crisis and the provincial government would welcome all investors and the business community to invest in the energy sector.

The CM complained that investors set up industries in the Hub and their taxes are paid elsewhere instead of Balochistan. He said they would protect investors here, protection is being provided to big foreign companies working in Balochistan adding they have to move forward under public-private partnership.

A couple of days ago, Atif Ikram Sheikh, President of FPCCI, had suggested that the federal and provincial governments should facilitate the establishment of the Bank of Balochistan (BoB), similar to Bank of Punjab (BoP), Bank of Khyber (BoK), and Sindh Bank.

The Bank of Balochistan would provide accessible and viable financing for industries in Balochistan.

He said this while emphasizing the urgent need for special attention from the government towards industrialization in Balochistan.

Key measures include waivers on taxes and duties, the establishment, incentivization, and operationalization of Special Economic Zones (SEZs), the creation of the Bank of Balochistan, and ensuring law and order — critical for fostering economic activities and attracting investment.

He further proposed that BoB should tailor its lending policies to address the unique conditions of the province, the constraints faced by its business community, and local entrepreneurs. This initiative, he noted, could lead to unprecedented economic development in Balochistan while attracting both foreign direct investment (FDI) and domestic investment.

Reporter Essa Tareen