President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Atif Ikram Sheikh, has voiced strong opposition against the proposed ban on the export of raw minerals and marble, as approved by the Senate Standing Committee on Commerce. Sheikh highlighted that this move contradicts the vision of the Special Investment Facilitation Council (SIFC), which has identified mines and minerals as one of its key focus areas.
He emphasized that with a facilitative and incentivizing regulatory framework, Pakistan has the potential to significantly boost its exports in minerals and marble, potentially reaching $10 billion. Expressing concern over the lack of consultation with the business community, Sheikh stressed the importance of a consultative process to avoid dissatisfaction with governmental policies.
He outlined several challenges faced by the mines and minerals sector, including high duties and taxes on machinery imports, currency devaluation, lack of financing from commercial banks, and inconsistency in industrial policies. Sheikh demanded the immediate withdrawal of the proposed legislation and urged the government to collaborate with commercial banks to provide subsidized financing to the mines and minerals sector. FPCCI convened an urgent press conference at its Karachi Head Office to address the issue of abruptly restricting and discouraging exports of raw minerals and marble.
The sector, which employs hundreds of thousands of skilled and semi-skilled workers, particularly from rural areas, faces significant challenges in finding alternative sources of employment.
