Businessmen hail smart lockdown strategy

Officials say steps to combat Covid-19 benefited local businesses

ISLAMABAD:

The business community and traders have hailed the government’s smart lockdown strategy, adopted to combat Covid-19, saying that it benefited local businesses, particularly the export and construction sectors.

“The government provided good incentives to local industrial sector especially export-oriented businesses besides offering massive relief package to the construction segment,” Islamabad Chamber Commerce and Industry (ICCI) President Muhammad Ahmed Waheed told APP on Monday.

He said that the government came up with a comprehensive strategy that helped mitigate losses the businesses community might have faced due to the coronavirus spread. The ICCI president particularly mentioned the timely payment of sales and income tax refunds, which bolstered the businesses.

He added that the reduction of interest rate by the State Bank of Pakistan (SBP) was a timely decision during the most challenging times and urged commercial banks to offers credit to businesses, especially the small and medium enterprises (SMEs). He also termed the report by Moody’s as an encouraging sign as it would promote the country’s image and help the government attract Foreign Direct Investment (FDI).

Meanwhile, Rawalpindi Chamber of Commerce and Industry (RCCI) President Saboor Malik said that as compared to other regional economies, the government adopted a balanced approach to deal with Covid-19 challenges. “We adopted a good approach and protected the local business from the negative impact of Covid-19 challenge,” he remarked.

He added that the government’s economic package, especially for the construction and export sector, would help generate economic activities and boost the local industry sector.

Published in The Express Tribune, August 11^th, 2020.

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