ISLAMABAD: The business plan of the Utility Stores Corporation (USC) is presently under development and will be shared with the Senate Standing Committee on Industries and Production within the next two months.
The Senate Standing Committee on Industries and Production, chaired by Senator Aon Abbas, convened Wednesday at Parliament Lodges. The committee was also briefed on the network of the Utility Stores Corporation (USC).
Officials reported that there are a total of 4,775 stores, covering all union councils. Additionally, it was noted that the USC employs over more than 11,000 individuals. Regarding the corporation’s operational results, USC officials stated that the business plan is currently under development and will be shared with committee members within two months.
The meeting commenced with a detailed overview of the working, regulatory role, and key functions of the Engineering Development Board (EDB). The officials provided a comprehensive overview of Solar and Allied Equipment Manufacturing and the Automobile Policy EV incentive regime. The Chairman of the Committee, Senator Aon Abbas, recommended that in the next meeting, EDB officials must provide details of the implementation plan for the EV Policy 2030, including the sanctions for both local and import industries, the concessions granted under the auto policy, the number of companies penalized, the impact on consumers, a ten-year record of all companies that failed to provide paybacks to consumers, the tariffs imposed on the commerce industry, the role of the EDP, and its implications.
In addition, committee members engaged in a detailed discussion on the workings, board, and ordinance of the Export Processing Zones Authority (EZPA). While explaining the incentives, it was mentioned that there is a 1% minimum tax and a 1% advance tax on the Free on Board (FoB) value of exports. Similarly, there is an exemption from the operation of certain laws, including the Foreign Exchange Regulation Act and import/export policies. EZPA has achieved the establishment of nine zones, six of which are currently operational.
The officials also reported comparative figures of exports from all zones, noting that Karachi Export Processing Zone (KEPZ) had the highest exports at $653.789 million for the year 2023-2024. Additionally, recent initiatives by the EPZA, such as facilitating the establishment of private EPZs, automating the EPZA, and developing KEPZ Phase-III, were highlighted in the meeting. The committee members unanimously appreciated the efforts of the EPZA department.
The meeting was attended by Senator Danesh Kumar, Senator Saleem Mandviwalla, Senator Saifullah Sarwar Khan Nyazee, Senator Husna Bano, Senator Mir Dostain Khan Domki, Senator Syed Masroor Ahsan, Senator Mohammad Abdul Qadir, Federal Minister of Industry and Production, Secretary of Ministry of Industry and Production and senior officials from the concerned departments.
Copyright Business Recorder, 2024
Comments
Comments are closed.