President of the Lahore Chamber of Commerce & Industry Almas Hyder on Thursday said that government did well in the critical state of affairs and presented a good package of reforms that would definitely produce investment opportunities in auto industry, solar equipment manufacturing and other potential sectors.
While talking to a group of businessmen, the LCCI president said that government has taken some important initiatives including lifting ban on purchase of vehicles for non-filers for new locally manufactured cars up till 1300cc capacity and exemption to the investment in solar panels and wind turbines from duties and taxation for five years.
He said that these measures will bring huge local and foreign investment in these sectors, will generate job opportunities besides rising revenue of the government.
About the auto industry, the LCCI president said that it was one of the fastest growing industries of the country with around four percent contribution to GDP besides employing, directly or indirectly, over 3.5 million people. He said that production of car industry was shrunken up to 30 per cent because of ban on purchase of vehicle for non-filer.
He said that government has taken a step in right direction by lifting ban on purchase of cars for non-filers for new locally manufactured cars up till 1300cc capacity.
"It will definitely expand the volume of auto industry which has the ability to act as driving force for the national economy. Pakistani auto industry is well on the way of technological advancement and will become at par with the developed economies", he said.
Almas Hyder said that recently SPEL Pakistan has installed industrial robotic system and gave a positive gesture to the foreign investors about the potential of Pakistan's industrial sector.
"There should be no difference between filers and non-filers as non-filers of returns are not tax evaders. Discrimination should be between taxpayer and non-taxpayer", he said and added that the constraint faced by non-filers of tax returns are hampering the overall business environment because such limitations have caused troubles for automotive and some other sectors.
The LCCI chief said that exemption to the investment in solar panels & wind turbines from duties and taxation for five years seems little but indeed a major announcement with great futuristic impacts on the energy sector of Pakistan. Pakistan relies heavily on fossil fuels to meet its energy requirements is one of the biggest reasons of energy crisis and rising trade deficit as the country is spending billions of dollars on import of petroleum products every year, he added.
Apart from its very high financial cost, Pakistan remains at strategic risk because it remains heavily dependent even for its vital services. He said that all these issues can be tackled by promoting renewable energy sources that are a very viable option to meet energy demands. The government has done well by encouraging manufacturing of equipment for power generation through alternative sources, he asserted.