Lifting Duties: ‘Technology upgrade must for growth’

Govt should allow duty free import of technology: ICCI president

ISLAMABAD: Upgrade of technology and machinery in indigenous industrial sector was the key requirement for rapid economic growth of Pakistan, but imposition of heavy duties and taxes on the import of some industrial machinery was the major constraint in uplifting the local industry, said Islamabad Chamber of Commerce and Industry (ICCI) President Ahmed Hassan Moughal.

Lauding the government’s initiative for exempting imports of heavy machinery for oil and gas exploration and development from customs duties and other levies, he said the government should extend similar concession to the import of industrial machinery in the next mini-budget to upgrade the industrial sector and bring it at par with developed countries.

He stressed that the government should allow duty free import of technology and machinery of local industry in the next mini-budget that would help in producing value-added products and putting Pakistan on the path of accelerated progress and prosperity.

Published in The Express Tribune, January 4^th, 2019.

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