Islamabad, October 02, 2014 (PPI-OT): Finance Minister, Senator Mohammad Ishaq Dar chaired the meeting of Economic Coordination Committee (ECC) of the Cabinet here on Thursday. The meeting dilated at length on the proposal submitted by Ministry of Textile and Industry for allowing support price for seed cotton 2014-15 Crop.
The support price recommended by Agriculture Policy Institute (API) of Rs. 3000/- per 40 kg for base grade 3 cotton was approved to benefit the farming community. The Trading Corporation of Pakistan (TCP) will accordingly procure one million bales of cotton at the support price.
Finance Minister said, “The Government is aware that the recent floods have badly affected a large part of the agriculture sector. We are cognizant of difficulties faced by our farmers and we shall fully support them in this hour of need.”
The ECC also approved the GAWADAR-NAWABSHAH LNG Terminal and Pipeline Project under which a pipeline system of 700 km from Gawadar to Nawabshah, with 42 inch diameter pipeline which shall be laid and 2 compressor stations constructed. The terminal will have the capacity to handle up to 500 mmcfd of gas. Interstate Gas Systems (Pvt) Limited (ISGS) will be authorized to execute the implementation of the project.
Finance Minister while approving the Project in principle advised the Ministry of Petroleum and Natural Resources to finalize the funding plan preferably on Government to Government basis or BOT/BOO basis.
The ECC also considered and approved with amendment the proposal submitted by Ministry of Industries and Production for Determination of local manufacturing status of machinery, equipment and other capital goods (Energy Sector) in light of the 2014-15 Finance Bill. Further, it was also decided to facilitate local manufacturers and provide them a level playing field.
Accordingly a working committee is to be formed by the Federal Board of Revenue with representation from Ministry of Industries/National Tariff Commission, EDB, Board of Investment and local manufacturers of energy equipment to review whether appropriate incentives can be offered to manufacturers to address their grievances and enhance their competitiveness for increased local and export sales.
The meeting was attended by Minister for Industries and Production Mr. Ghulam Murtaza Jatoi, Minister for Information, Broadcasting and National Heritage, Senator Pervez Rashid, Minister for National Food Security and Research, Mr. Sikandar Hayat Bosan, Minister for Petroleum and Natural Resources, Mr. Shahid Khaqan Abbasi, Secretaries of various Divisions and heads of different departments.
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