Setting up of export-oriented industry: FPCCI urges govt to announce first-ever industrial amnesty

Federation of Pakistan Chamber of Commerce and Industry (FPCCI) on Wednesday urged the government to announce first ever "Industrial Amnesty" for the establishment of export-oriented industry without seeking source of income to bring undeclared hidden assets in documented economy besides boosting the volume of export.
According to a spokesman, it was decided at a high level meeting of anomaly committee of the FPCCI with Chairman United Business Group Iftikhar Ali Malik in chair which was attended by FPCCI President Eng Daroo Khan Achakzai and other members. It was also decided unanimously that all its affiliated chambers and trade associations will fully support the government's efforts in documentation of economy to accelerate the pace of economic growth and help steer the country from inherited financial crunch due to wrong fiscal policies of the previous governments.
Talking to media after anomaly committee meeting, Daroo Khan said that trillions of rupees are hidden and undocumented money will be injected in new industries and provide millions of new jobs. He said that consensus was also developed on the immediate revival of sick industry to bring it in main stream of quick industrialization.
He said that federation also demands government to extend interest free loans for restoration of sick industrial units and plants by waiving off their previous loans.
He said that export processing zone and special economic zone should be reactivated to attract foreign and local investors.
He said that 95 percent of Pakistan economy consists of non corporate sector and share of corporate sector is 5 percent and non corporate sector badly needs the immediate attention of government
He said that committee also reviewed the acceptance of FPCCI proposals and suggestions put forth to Prime Minister, Finance Advisor to Prime Minister Abdul Hafeez Sheikh, Advisor to Prime Minister on Commerce, Adbul Razak Dawood.
The budget anomaly committee after thread bear discussions with all chambers has submitted 56 proposals for their immediate rectification in budget, he added.
Iftikhar Ali Malik briefly talking to media on this occasion said that Prime Minister Imran Khan must focus on quick industrialization and take bold steps to speed up economic growth by restoring the confidence of foreign and local investors. He said United Business Group (UBG), the largest alliance of chambers and trade bodies in the county and FPCCI despite reservation in the budget, is supporting the amnesty scheme and crackdown against tax evaders and bringing prize bond unregistered economy in documentation in the larger national interest.
He suggested the government to take the stakeholders and top leaders of business community into confidence in framing all fiscal and monetary policies which he added will help a lot to make them successful and result oriented. He said its universal phenomena that all elected government worldwide including USA always take business community into confidence in policy making and give preference to their proposals which ultimate help them strengthening of their economies.