Repatriation of declared assets: PM proposes incentive scheme for overseas Pakistanis: SAPM

LAHORE: Prime Minister Shehbaz Sharif has proposed an incentive scheme for overseas Pakistanis to repatriate their declared assets worth approximately $30 billion.

This was disclosed by Special Assistant to the Prime Minister (SAPM) for Industries and Production, Haroon Akhtar Khan during a meeting at Lahore Chamber of Commerce and Industry Saturday.

Haroon said that investors seek safe havens. Keeping this in the mind Prime Minister Shehbaz Sharif is keen to encourage local investors to attract foreign investments.

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Haroon Akhtar Khan also said that the government is introducing a bankruptcy law to facilitate the businesses revival of sick industrial units is top priority of the government and added that no department should take action against business community without consulting the Chambers of Commerce saying that restoring business confidence is essential for economic growth.

Khan said that no institution should have the authority to act against businesses without prior consultation with the Chamber. He said that business community must be given the freedom to contribute to national development through industrialization and investment.

LCCI President Mian Abuzar Shad, Vice President Shahid Nazir Chaudhry, former President Muhammad Ali Mian and former Senior Vice President Ali Hassam Asghar also addressed on the occasion while members of the Executive Committee were present.

He said that excessive bureaucratic hurdles with 29 departments involved in regulatory processes, make it difficult for industries to operate efficiently. He expressed pride in the fact that both Prime Minister Shehbaz Sharif and Deputy Prime Minister Ishaq Dar had previously served as LCCI Presidents, further strengthening the bond between the government and the business community.

Haroon Akhtar Khan recalled that during Nawaz Sharif’s tenure as Prime Minister in 1993, his brother met with Indian Prime Minister Manmohan Singh who praised Pakistan’s economic reforms at the time. He stressed the need to reintroduce similar policies and emphasized the importance of policy continuity, citing China as an example of a country that has achieved sustainable development through consistent economic policies.

He said that the markup rate has declined from 22% to 12% and the stock market is reaching new heights, but more focus is needed on GDP growth and industrialization. He reassured that the government is making substantial efforts in this regard. While acknowledging that Pakistan despite remaining under the IMF program, the Prime Minister’s success in reducing power rates and expressed optimism that the markup rate would decrease further.

LCCI President Mian Abuzar Shad described recent meetings with the Prime Minister as highly productive. He said that the Prime Minister assured business leaders that electricity prices would be brought down to Rs30 per unit, while the markup rate is expected to decrease by another 2%. He raised concerns about the rising cost of doing business due to increasing gas, electricity and petrol prices, along with MDI charges on closed industrial units. He said that while the policy rate has been reduced to 12%, it remains high compared to regional competitors and should be brought into the single-digit range. He also highlighted the skyrocketing land prices in industrial estates, which have reached Rs500 million per acre, making industrial expansion difficult.

Mian Abuzar Shad proposed several recommendations, including complete vehicle assembly in Pakistan, development of local raw material industries such as metals, alloys, steel, petrochemicals, minerals and textiles, with minimal duties on these materials. He stressed the importance of a cascading tariff structure to prevent industrial disruptions and recommended establishing Export Promotion Sectoral Councils under the Ministry of Industries, led by the private sector. He also emphasized the urgent need for new Special Economic Zones (SEZs) and Export Processing Zones (EPZs) in Lahore, as existing industrial estates like Sundar and Quaid-e-Azam Industrial Estates have reached full capacity. He proposed the development of a 20-year Industrial Master Plan to set up industrial estates in every district of Pakistan.

Furthermore, he called for initiatives to promote Electric Vehicles (EVs), including special loan schemes, EV charging stations and mandating EVs in government fleet purchases. He suggested prioritizing local solar panel production through joint ventures with major Chinese companies and emphasized the need for increased financing and technology access for SMEs. He said that SMEs in Pakistan receive less than 6% of private sector financing, despite 65% of them being based in Punjab and called for collateral-free, low-interest financing to support their technological advancement.

LCCI Vice President Shahid Nazir Chaudhry stressed the importance of regularizing industrial clusters and eliminating excessive conversion fees. He said that many industrial clusters around Lahore are not officially recognized and should be regularized without commercialization fees. He also urged the government to expedite infrastructure development in Quaid-e-Azam Business Park to support industrial growth.

Former LCCI President Muhammad Ali Mian emphasized that LCCI budget proposals should be considered and incorporated into the federal budget. Former Senior Vice President Ali Hassam Asghar urged the government to give due attention to the rice sector, which holds significant export potential.

Copyright Business Recorder, 2025