Tuesday, August 9, 2022

Prime Minister’s orders to abolish all taxes on raw materials of export industries

Prime Minister Shahbaz Sharif directed to form task forces for various sectors like tourism, IT, pharmaceutical, e-commerce and agriculture in a major step to increase investment in the country.

According to APP, a statement issued from the Prime Minister’s Office said that a delegation of American Business Council called on Prime Minister Shahbaz Sharif in Islamabad.

The meeting was attended by representatives of Pharmaceutical, Food Processing, IT Sector, E-Commerce, Retail Sector, Textile, Sports and Logistics sectors besides Federal Ministers including Naveed Qamar, Makhdoom Murtaza Mahmood, Maryam Aurangzeb and concerned senior officials.

Prime Minister Shahbaz Sharif while instructing to form a task force to increase investment in various sectors said that orders have been issued to abolish all taxes on raw materials of export industries.

He said that large scale task forces were being formed for tourism, pharmaceutical, IT, e-commerce, manufacturing and agriculture and the government was ensuring production of export quality agricultural commodities in Pakistan.

The Prime Minister said that for the first time in history we have talked about the continuity of policies, the country’s economy and the welfare of the common man is above politics.

On the occasion, the participants said that thanks to the policies of the government, the confidence of investors has been restored and consultation with all the stakeholders of the government before the budget is welcome.

The Prime Minister directed the Federal Secretary Commerce and Secretary Board of Investment to resolve the problems of the investors immediately and said that all the issues should be rectified and a report should be submitted within a week.

Prior to the budget announcement on June 10, Prime Minister Shahbaz Sharif had invited all stakeholders to contribute on Tuesday to strengthen a long-term plan to revive the shattered economy.

During the conference, the Prime Minister promised all stakeholders that their suggestions would be considered and separate plans for agriculture, industry and economic development would be formulated.

The one-day pre-budget meeting was attended by industrialists, agronomists and economists who came up with suggestions for getting the country out of the extraordinary economic crisis.

The Prime Minister had said at the conference that political stability could not be achieved without economic stability, and that this was the time when the rich would have to make sacrifices and impose taxes on non-productive assets such as real estate.

The Prime Minister urged the industrialists to go ahead with Kabul’s renewable energy and invest in the country’s wider coal to generate electricity.

The Prime Minister also stressed the need to reduce imports and increase exports, assuring the participants of all possible cooperation from the government in expanding the local industry and removing all obstacles.

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