The Federation of Pakistan Chambers of Commerce & Industry’s Businessmen Panel (BMP) has said that the Prime Minister industrial package will attract new investment of $3-5 billion alone in industrial sector, providing impetus to economic growth and leading Pakistan towards prosperity through industrialization.
FPCCI’s ruling group of BMP chairman Mian Anjum Nisar observed that the new ordinance has amended the Income Tax Ordinance 2001 to extend the promotion package for industry and encourage entrepreneurs to invest in industrial undertakings out of their undisclosed assets.
“We salute the PM Imran Khan and appreciate the efforts of his whole team, especially Finance Minister Shaukat Tarin, Federal Industries Minister Khusro Bakhtiar, PM Advisor Razaq Dawood, Secretary Industries Jawwad Rafique and Joint Secretary Hamid Atique for launching the game-changing and SME-inclusive industrial growth package, which was promulgated through presidential ordinance,” he added.
He added that tax incentives, especially for those with documented funds, are important to attract investors. But these alone will not do the trick. The government should also undertake legal, regulatory and energy reforms, and cut the bureaucratic red tape to make manufacturers and exporters competitive in international markets, he suggested, adding that Pakistan has grown its overseas sales in the last couple of years but its dependence on low-value-added textiles and lack of market diversification means that its imports have far outpaced its exports.
