Staff Reporter Karachi
The Federation Of Pakistan Chambers of Commerce and Industry (FPCCI) has said that the government should pay special attention to the rehabilitation of sick industrial units to boost economic activities and reduce unemployment.
In a statement on Tuesday, Haji Zubair Ali, convener of FPCCI committee on revival of sick industrial units, said that special relief should be provided to traders and investors for promotion of investment and industrial development.
He said that rehabilitation of ailing industries would create vast employment opportunities and would also significantly increase exports and government revenue as well.
While talking to a delegation of different Chambers & Associations, Ali said that huge capital is required to set up new units, which also take at least three to four years to start production, whereas rehabilitation of a sick industrial unit requires small investment and it can be quickly incorporated into the mainstream of the national economy.
In order to increase the country’s GDP, uninterrupted supply of electricity and gas to industries must be ensured and Khyber Pakhtunkhwa and the integrated tribal districts and Balochistan.
He sought special tax rebates as well as interest-free loans for investors and traders on easy terms so that the sick industries can stand on their own feet and move Pakistan on the right path of economic development.
He said that many institutions had been forced to close down due to the global recession and local energy crisis and the production activities declined by 10 percent in the industrial sector.
The government had initially announced creation of 10 million jobs, which is impossible without the development of industries and rehabilitation of ailing industries, he added.