The Prime Minister Shahid Khaqan Abbasi has said that the issue of regulatory duty would be resolved soon while revival of Export Development Fund (EDB) is also under consideration. According to the United Businessmen Group (UBG)'s spokesman, the prime minister was talking to a Group's delegation jointly led by UBG Patron-in-Chief SM Muneer and its Chairman Iftikhar Ali Malik.
PM Shahid Khaqan Abbasi said the government is well aware of the situation caused by the new regulatory duty regime and a decision to facilitate the businessmen had already been taken and it would be announced through proper channel. He said that business community is the engine of growth and its facilitation is the top priority of the government.
The delegation leaders said that businessmen want to contribute heavily in economic uplift of the country provided their genuine issues are resolved. While welcoming the prime minister's signal to resolve the regulatory duty issue, they said that it would be a great favour to the entire economy as regulatory duty is damaging both importing and exporting sectors.
They said that duty should not be withdrawn partially, it must be withdrawn totally. They said that since various imported raw materials are being used in the local industries for manufacturing and exporting of goods therefore the regulatory duty on these important inputs is harming the of export-oriented industries.
They said that if regulatory duty is not withdrawn totally it would also adversely affect the industrial sector. On the other hand it would open flood gate of smuggling and under invoicing that are already causing huge loss to the exchequer.
They said that Export Development Fund (EDF) should be revived immediately as exports statistics of the country are gloomy. The EDF should be activated in collaboration with the private sector as it would support exports and help establishment of training institutes, they added.
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