PESHAWAR: The Khyber Pakhtunkhwa Chamber of Commerce and Industry (KPCCI) will hold the `12th Business Excellence Award` ceremony for 2013-14 in coming May.

Announcing this at a press conference at the chamber on Wednesday, KPCCI president Fawad Ishaq said that the event was aimed at acknowledging the achievements of the business community.

He said that the award ceremony would be held at the Convention Centre, Islamabad, where Prime Minister Nawaz Sharif would be the chief guest.

Mr Ishaq said that the prolonged wave of terrorism had had adverse impacts on the economy, resulting in capital flight from Khyber Pakhtunkhwa. He said that despite deteriorating law and order situation the traders and industrialists continued their businesses.

Award committee chairman Mohammad Asif said that eleven gold medals would be awarded in four sectors, which included four gold medals for industries, three for commercial and two each for services and retailer sectors.

He said that in the industrial sector four gold medals would be awarded to the best investor, best exporter and largest tax or sales tax payer.

He said that in commercial sector, three gold medals would be awarded in export and taxation sector, and in retail and service sector two gold medals would be awarded each in taxation sector.

Mr Asif said that award would be given on the total export (industrial/commercial) as per growth in the turnover of last year`s figure. He said that this year it was decided to give three awards in telecom sector.