The Multan Chamber of Commerce and Industry (MCCI) has urged the government to introduce a realistic trade policy for five years, which can boost the economy and should be transparent, comprehensive, viable and free from bureaucratic hurdles, aiming at generating more foreign exchange and additional jobs, and ending the trade deficit to strengthen the economy of the country.
MCCI President Anis Ahmed Sheikh said the incentives of promoting industrialisation with environmental consideration, energy conservation, pollution control and the recycling and use of industrial and city waste by industries as their raw material should be allowed five-year tax exemption.
There is no fruit tin packing industry in southern Punjab, he said, and added that it should be given zero-rated for all taxes as it would enhance exports. He said it was a longstanding demand of southern Punjab that Multan airport should be upgraded for wide-bodied aircraft to operate and for timely exports of perishable agricultural products including fruits and vegetables and other commodities from Multan. The government should take serious steps to control smuggling, promote small industries, which are unable to face competition against bigger industrial units.
The export of value-added engine parts should be allowed 20 percent export incentive to boost exports as there is no duty drawback on these parts, he said, adding that the neighbouring country, China, is providing 22 percent export incentive on these parts. The economic survival of the country depends on its foreign exchange earnings, he said, adding that every country of the world, whether developed or underdeveloped, is making frantic efforts to gain a major share in world trade.
MCCI president said that to boost the country's exports and to achieve national export target the following measures are suggested: