Special Assistant to the Prime Minister for Industries and Production, Haroon Akhtar Khan, announced that the government will introduce a bankruptcy law to support businesses and revive struggling industries.
Speaking at the Lahore Chamber of Commerce and Industry (LCCI), Khan assured that the government will consult the Chambers of Commerce before taking action against businesses. He emphasised the importance of restoring business confidence for economic growth.
Khan criticised excessive bureaucracy, stating that 29 departments regulate industries, making operations difficult. He highlighted Pakistan’s past economic success, recalling Indian Prime Minister Manmohan Singh’s praise for the country’s policies in 1993. Long-term strategies, he stressed, are essential for growth.
The markup rate has dropped from 22% to 12%, and the stock market is performing well. However, Khan believes the government must focus more on GDP growth and industrial expansion. While Pakistan remains engaged with the IMF, he praised the Prime Minister for lowering electricity costs and expressed hope for further interest rate reductions.
To attract investment, Khan proposed incentives for overseas Pakistanis to bring back their declared assets, worth about $30 billion.
LCCI President Mian Abuzar Shad raised concerns about rising gas, electricity and petrol prices. He urged the government to lower interest rates and reduce industrial land prices, which currently hinder expansion.
He also suggested promoting local vehicle assembly, cutting taxes on raw materials, and creating Special Economic Zones (SEZs) to boost industrial growth.
Stay tuned to Brandsynario for the latest news and updates.