LAHORE: Federal Minister for Industry and Production, Rana Tanveer Hussain, said on Saturday that the government is working on an industrial policy in the budget and seeking input from the business community. He expressed his hope that things would improve in the next budget, emphasizing that industrialization is the only way to control economic problems.
Addressing the Joint Federal Budget Consultative Session Financial Year 2024-25, organized by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and the Small and Medium Enterprises Development Authority (SMEDA), the Minister said that Prime Minister Shehbaz Sharif is making efforts to reduce energy prices, circular debt is being reduced, and foreign investment is also coming in, which will reduce economic problems.
CEO of SMEDA, Muhammad Asad Islam Mahani, and a large number of business community members participated in the ceremony.
Rana Tanveer Hussain said that his focus is on skilled labour, and we need to move towards technology, which is being worked on. The current government is focusing on economic revival, and industrialization should be promoted, and profit-making is the right of the businessmen.
The Minister said that the SME sector can play a key role in getting the country out of economic crisis, and the government is determined to provide all possible facilities to SMEs. He added that most businesses in Pakistan are micro, small, and medium-sized, and until our small businesses grow and become big, we cannot progress.
Rana Tanveer Hussain said that SMEs are the ones that provide employment and reduce poverty, and by promoting value addition, we can increase our exports manifold. He said that the tax and regulatory system for SMEs will be simplified and made easy, and they will also be facilitated in getting loans.
The Minister said that industrial development and export promotion are the top priorities in the government’s economic strategy, for which a conducive environment is being provided to SMEs, and a national SME policy is being implemented across the country.
Federal Secretary of the Ministry of Industry and Production, Waseem Ajmal Chaudhry, said that a government policy for women entrepreneurship will be announced soon. He added that the most difficult time for industry has passed, and there is no shortage of resources for industry; all suggestions from industrialists regarding the budget will be worked on diligently.
Senior Vice President of FPCCI, Saqib Fayyaz Magoon, briefed the Federal Minister about the issues facing the industry. He said that such measures should be taken that the industrial policy is not changed for 20 years, and the industry can be promoted through policy continuity.
Industrialists from Karachi, Islamabad, Nawabshah, and other cities presented their budget proposals related to industry through Zoom and demanded measures to reduce energy prices, reform the tax system, and prevent smuggling. Regional Chairman Zaki Aijaz, and Vice President Qurat-ul-Ain said that tax rates, tariffs, and para-tariffs should be reduced at all levels. They emphasized the need for harmony in tax collection and reconsideration of energy prices for industry.
Zaki Aijaz further said that the electricity price for SMEs should be fixed at 9 cents, and gas prices should also be reduced. Cross-subsidies should be eliminated, and solar panels should be given a 5% markup for the promotion of SMEs. Special economic zones should be established for SMEs and cottage industries.
The participants said that cottage industry and SMEs can also increase revenue and promote the economy. In this regard, public-private partnerships should be encouraged. SMEs should be given land on lease or a five-year easy instalment plan should be made. Zaki Aijaz said that Quaid-e-Azam Business Park should be given a suitable route. The markup for SMEs should be a single digit. To increase exports, product-wise attention should be focused at the district level.
Copyright Business Recorder, 2024
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