‘Govt extends Rs 100 billion for industrial uplift’

By Asad Cheema

ISLAMABAD: Adviser to Prime Minister for Commerce and Textile, Abdul Razak Dawood on Friday said that the government had offered up to Rs100 billion packages to the industrial sector as a support following current challenging situation, created due to COVID- 19 pandemic.
“We are continuously in contact with all major industrial sectors, including textiles and construction. With consultation of all stakeholders, the government would give incentive to the priority areas of industrial sector for revival in current critical situation,†Razaq Dawood said here on Friday.
The government wanted to resolve the liquidity issue of industrial sector, he said adding that Drawback of Local Taxes and Levies (DLTL) payments would be made, which were pending since 2009. The adviser said the government would pay Technology upgradation fund worth Rs30 billion to the industrial sector to help it come out from the current challenge of COVID- 19 Coronavirus pandemic. He informed that total Rs 47 billion would be paid to the textiles sector in coming 100 days to support the major export sector of the country.
Replying to a question, he said the government would pay all the refunds including in Rs200 billion packages to compensate the industrial sector in coming Budget 2020-21. He said that this package would be paid at faster pace to the industries, adding that all the stakeholders were on board with the government to evolve joint strategy to resolve all the issues of industrial sector in current situation.
He said that promoting industries and giving incentives to the business community was an important step to leading the country forward.The government would support the industrial sector and provide Incentives. The commerce ministry has also prepared a list of industries which could be reopened in the current situation, he said.
The adviser said the refund of Rs100 billion for the business community is a part of that process and the government was committed to ensure timely refunds to the business community in this challenging situation.
Razak Dawood said that his ministry was in constant contact with the business community to figure out how the challenge posed by the epidemic can be resolved in country’s industrial sector. He hoped the government and business community including all industrial was one page, with joint plan of action with consensus of all stake holders “we would overcome on economic challenges after the COVID-19 pandemic Coronavirus.
President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Mian Anjum Nisar while talking to APP hailed the Rs 100 billion package offered by the government.
He said the government would take preventive measures and develop strategy to protect the pace of economic and trade progress and effects of world economic slowdown as apprehended by leading research organization after evolving the situation in COVID-19 pandemic.
Mian Anjum Nisar said that the whole world including the potential market of Europe Union (EU) was effected by the coronavirus, which was the second biggest trade destination for Pakistan after the Generalized Schemes of Preferences (GSP-Plus) offered by EU in 2013.
In this regard, the government must to go for conducting studies for mitigating the economic changes after Coronavirus.
Renowned industrialist from Baluchistan, Ex-President FPCCI , Eng. Daroo Khan welcomed the package announced by the government and said that proper mechanism was required to disburse this package according the needs for different industries.
He suggested that the government engage all stakeholder to resolve the current evolving challenge.
On the occasion, President Islamabad Chamber of Commerce and Industries (ICCI) Muhammad Ahmed Waheed said that his chamber was fully engage in consultation with government in current challenging situation. Business community of the twin’s city welcomed the Rs100 billion package offered by the government for industrial sector. President, Karachi Chamber of Commerce and Industries, Agha Shahab Ahmed Khan appreciated the government efforts for mitigating the current challenge.
He said that his chamber and business community from all over the country was committed to support the government in current evolving situation. President, Peshawar Chamber of Commerce and Industry Engr. Maqsood Anwar Pervaiz said that business community of Khyber Puktunkwa (KPK in cooperation with government and stand with the government and lauded Rs 100 billion package announced by the government.