PM asks exporters to invest without worries

Prime Minister Imran Khan on Wednesday urged the business community, particularly exporters, to invest freely in the country without worrying about any shift in policy or hurdles, assuring them that the government was determined to provide maximum facilities to revive industrialisation in the country.

“Invest more to increase exports without any worries. The government will resolve all your issues,” the premier said while addressing a gathering of industrialists in Faisalabad.

“Our job is to facilitate you as it will lead to the creation of wealth and jobs," he added.

The prime minister said he was pleased to see that the industries and power looms were running at their full capacity, resulting in a shortage of textile labour.

He asked the Punjab government to promote skill training among the youth to meet the requirement of a value-added textile workforce.

“If Faisalabad, once known as Pakistan's Manchester, had kept up its current pace of industrial development, it would have left even Manchester behind,” he noted.

"Our full focus is on reviving industrialisation in the country and enhancing exports,” he added. “The government will facilitate ease of doing business.”

PM Imran told the gathering that the automation of the Federal Board of Revenue was also in process to reduce human intervention.

He maintained that the government's policy of providing incentives to exporters was paying dividends as exports were increasing.

The premier said contrary to the rest of the world, Pakistan maintained a balance between lives and livelihood during the Covid-19 pandemic.

He appreciated members of his economic team including Industries and Production Minister Hammad Azhar for helping the government formulate policies to incentivise business and industries besides containing the pathogen.

He said even the World Health Organisation had lauded Pakistan for successfully navigating during pandemic.

However, he advised citizens not to give up wearing masks as the second wave of the disease had struck the country.

On the request of the Faisalabad Chamber of Commerce and Industry, the prime minister assured that the city’s infrastructure would be further developed.

He pointed out that despite Sindh being run by an opposition party, the federal government had also announced a mega development package for Karachi.

“The government is toeing the policy of industrialisation and all the relevant policies would be formulated after consultation with the stakeholders.”

The premier said following the government's business-friendly policies and packages, the industrial and construction sectors were showing improvement.

 “The government is coming up with a local government system to run major cities on the model of world's biggest cities like London, New York, Paris and Mumbai which directly elect their mayors and also generate revenue through their own tax collection.”

He added that Faisalabad, despite being an industrial mega city, had to depend on funds from the Punjab government but that would be done away with under the new system.

The prime minister also agreed to the idea of establishing a high court bench in Faisalabad for ease of its litigants.

The prime minister recalled that the PTI government had inherited a record debt burden, $20 billion current account deficit, $40 billion trade deficit, devalued currency, and reserves at their lowest ebb.

“The country was even short of money to make international payments but the government successfully passed through that difficult phase courtesy of the timely support by the friendly states which saved it from defaulting.”

The premier said since the 1960s, Pakistan's industrial model institutions were idolised but that took a downturn following the then government's policy of nationalisation.

“Instead of introducing nationalisation, the government should have carried out legislation to channelise the money accumulated by a few families into the national economy.”

Through similar policies, China steered around 700 million people out of poverty, but the nationalisation in Pakistan impeded its growth

“After nationalisation, making money was considered taboo even though it should have been encouraged.”

Punjab Chief Minister Usman Buzdar, who was present on the occasion, in his address announced Rs13 billion development package for infrastructural uplift of Faisalabad. The package, he added, would be included in the annual development programme.

He told the audience that the provincial government had provided Rs26 billion tax relief to the industrial sector during the pandemic.

The Punjab CM added that the provincial government had also issued no-objection certificates to five more cement factories and 16 more would be issued by December.

Planning and Development Minister Asad Umar and Punjab Governor Chaudhry Sarwar also attended the ceremony.

Separately, delegations of businessmen and exporters associated with the textile industry of Faisalabad called on the prime minister.

They informed him that due to the government's steps, all the allied industries of the sector had been fully revived after 14 years and were working at their fullest capacity. It was also contributing to enhanced value-added exports of the country.

They further said the energy package, timely refunds and other facilities had resolved different issues faced by the exporters and the business community.

The business community representatives said despite the provision of 50,000 new jobs, the textile industry still required more than 100,000 labourers.

They expressed the resolve to the textile exports from Rs13 billion to Rs21 billion by next year.

The prime minister directed the energy ministry to resolve issues faced by the textile industry of Faisalabad at the earliest.

 He also directed the industries minister to hold consultations with all the stakeholders for the establishment of an expo center in Faisalabad.

The prime minister during his visit to Faisalabad inaugurated the Police Complex Lyallpur Town and Kashmir Bridge Underpass Canal Road as well as a calligraphy exhibition.

Speaking to reporters, the prime minister said as the electricity tariff in Pakistan was 25% higher than that in India and Bangladesh, the government had come up with a package for the industrial sector to make it competitive.

In a meeting, the premier advised PTI lawmakers from Faisalabad to keep in touch with their constituents and address their problems.

 

(With input from APP)