President SAARC Chamber of Commerce and Industry Iftikhar Ali Malik Sunday said Prime Minister’s package of incentives will help greatly achieve direly needed industrialisation goals for boosting local productivity besides pushing exports upward.
Talking to a traders delegation led by former Senior Vice President Lahore chamber Meher Kashif Younis he said package will pay dividends in the long run as it trumped all previous efforts to fully support private capital investments in new companies, revival of sick units and help existing industrial units to expand their production capacities and upgrade their technology on modern scientific lines to meet international standard.
He said package will attract capital investment of Rs 50 million and above in small to large industrial units across the country which will promise accelerate the pace of industrial growth besides generating ample job opportunities for unemployed youths. He said that it’s good omen that all local especially foreign and overseas Pakistani investors will benefit from tax reliefs and exemptions if they kick off their production till June 2024.
He said under this Industrial amnesty, no questions will be asked about the source of funds invested in new Industrial projects enabling them to whitewash hidden money. Iftikhar Ali Malik said local and overseas Pakistanis will get some additional tax benefits. He hoped it will attract capital investment in the future. He said no country can progress economically and alleviate abject poverty without boosting and diversifying industrial productivity. He said absence of proper systemised industrialisation is one of the major factor for low exports and frequent currency fluctuations marred the economy after witnessing short lived economic boom.
He stressed the urgent need for streamlining and simplifying cumbersome procedures for investors under one umbrella in addition to do with red tape hurdles in the way of ease of doing business in Pakistan which he added will help manufacturers and exporters competitive in international markets. He said Pakistan exports in the last couple of years is showing good indicators but imports have devoured its exports which needs to arrested by shooting up exports manifolds to strengthen the national economy on sound footings, in addition to curtailing the flow of ever increasing imports, he concluded. Meher Kashif Younis urged the local and foreign investors to take full advantage of this unprecedented attractive package of lucrative incentives to contribute their key role in development, progress and prosperity of Pakistan.—INP
