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MULTAN, May 31 (APP):President Multan Chamber of Commerce and Industry (MCCI), Mian Rashid Iqbal on Friday presented a set of suggestions which he believed can add billions of dollars to the national economy, at an elaborate interactive session held at MCCI as part of an ongoing country-wide consultative exercise to lay groundwork for preparation of a long-term export-oriented national industrial policy.
Usman Khan a Professor from Lahore University of Management Sciences (LUMS) was present as the revenue mobilization consultant from Pakistan Industrial Development Corporation (PIDC) at the MCCI to note industry leaders’ suggestions so that these are taken into account in his final report on how to enhance revenues, which he would submit to the government.
Speaking on the occasion at the consultative session held the other day, Usman Khan said that last interactive session of this initiative will be held at Islamabad with government officials and select members from CCIs from all over the country in attendance.
Mian Rashid Iqbal said that cosmetics industry can fetch 8-10 billion US dollars through exports. He suggested that the cosmetics sector be regulated by Pakistan Standards and Quality Control Authority (PSQCA).
He also suggested 0.5 per cent rebate to exporters of confectioneries and snacks saying it can bring another US$1-2 billion per annum to the country. He said if government does not want to finance this rebate then it can levy it as 0.5 per cent tax on exporters who export products in raw shape like commodities and pass this on to exporters of value added products like confectioneries and snacks as rebate to encourage value addition. MCCI president also sought measures for easy availability of land for industrialists to set up export-oriented industry.
Vice President Asim Saeed Sheikh suggested liberal loan policy to strengthen small and medium-sized enterprises (SME) sector. Senior Vice President MCCI Nadeem Ahmad Sheikh stressed on creating an enabling environment for businesses.
Consultant Usman Khan said, the report would be based on suggestions to prepare a comprehensive draft to help government formulate a long term industrial policy for next 5-10 years with an aim to encouraging export-oriented industry for revenue mobilization.
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