Govt Providing Facilities To Industries To Increase Exports: PM

Stressing on the importance of industrial development for stabilizing the economy, Prime Minister Imran Khan said that the government was providing facilities to industries to increase exports which would not only reduce the trade deficit but also increase foreign exchange reserves.

He said that employment opportunities will be created in the country, reforms are underway to improve the tax system, consultation with all stakeholders will speed up and improve the process, while all major chambers of commerce and industry expressed full confidence in the steps being taken to facilitate business and agreed on a strategy to increase tax revenue in consultation with the business community.

Prime Minister Imran Khan was received by the Presidents of the country’s largest chamber of commerce here on Friday.

Special Assistant Dr Shahbaz Gill, Governor SBP Dr Raza Baqir besides concerned officials were also present while Finance Minister Shaukat Tarin joined the meeting through video link.

The meeting is a link between the government and the business community initiated by the Ministry of Commerce to exchange suggestions and raise awareness on government policies.

The meeting was attended by the President of the Federation of Chambers of Commerce and Industry as well as Karachi, Lahore, NWFP and Quetta. Presidents and Vice Presidents of Chambers of Commerce of Gujranwala, Sialkot, Faisalabad, Gujrat, Multan, Sargodha, Gwadar, Islamabad and Rawalpindi were present.

The participants briefed the Prime Minister and his economic team on the successful economic policies in the country despite the Coronavirus Pandemic, which has resulted in about 4% GDP growth, up to a 15% increase in the growth rate of major industries, export industries.

He commended the SBP for facilitating and overcoming obstacles, incentives for small and medium enterprises (including loans for machinery) and for accompanying the business community to benefit from Uzbekistan’s commercial potential.

He also congratulated the Prime Minister on the increase in tax revenue and exports and remittances from abroad.

The participants also appreciated the government’s initiative to listen to the suggestions of the business community directly for the first time to solve their problems and to bridge the gap between the government and the business community in the absence of any such initiative in the past. I also mentioned the obstacles in the way of business. The participants also expressed in the meeting that the business community is ready to pay taxes and will work with the government to reform the tax system.

Stressing on the importance of industrial development for strengthening the country’s economy, the Prime Minister said that the government was providing facilities to industries to increase exports, which would not only reduce the trade deficit and increase foreign exchange reserves but also create jobs in the country. Opportunities will arise.

He further said that reforms are underway to improve the tax system, consultation with all stakeholders will speed up and improve this process. The Prime Minister called on the Federal Ministers. He directed to hold regular meetings to keep in touch with the stakeholders and listen to their suggestions and issues.

The Prime Minister further said that a strategy for the development of the tourism industry, a comprehensive agricultural plan for the development of agriculture and incentives and facilities are being provided to the industries. The present government, after providing facilities to the industrialists and the business community, is now focusing on efforts to solve problems through consultation.