Prime Minister Imran Khan on Tuesday unveiled an incentive package for the promotion of the country's industrial sector, with a focus on attracting investment from local and expatriate business communities.
The package is also aimed at strengthening the country’s export-oriented industrial and manufacturing base.
According to the premier, overseas Pakistani entrepreneurs, along with local businessmen, have been invited to invest in the industrial sector.
“Besides the expatriates, local businessmen in joint ventures will also enjoy a five-year tax holiday with no questions,” said the premier while addressing a ceremony attended by businessmen and representatives of the chambers of commerce and industry.
PM Imran maintained that the government aimed to promote export-oriented industries – which were deemed vital for the country’s socio-economic development and progress – as well as measures to strengthen Small and Medium Enterprises (SMEs) and revive lagging industrial units.
He stated that Pakistan needed to attract the nine million overseas Pakistanis to invest in their homeland by providing incentives and giving them “confidence in the protection of their hard-earned capital”.
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PM Imran further stressed the importance of the industrial and manufacturing sectors for the creation of wealth adding that countries could not achieve progress by producing only wheat and vegetables.
He said that the policy of nationalisation in the 1970s, a socialist philosophy, changed the trajectory of growth and industrial development in Pakistan, which was moving in the right direction some 55 years ago.
The premier further mentioned that the anti-wealth creation and anti-profit-making policies of previous governments were major hurdles in the growth of Pakistan's industrial sector and led to major economic problems including the shortage of dollars and current account deficits.
He claimed that the incumbent government had decided to promote industries, particularly export-oriented industries.
PM Imran referred to a graph-chart which he showed in his February 28 address to the nation and said Pakistan, during the 2000-2020 period, remained at the lowest position in terms of growth in exports as compared to countries including Rwanda, Vietnam, India, China and Bangladesh.
“Lack of long-term planning, shortage of dollars, less or no growth in exports forced the country to approach the International Monetary Fund (IMF),” he remarked.
Imran added that the present government’s two-pronged industrial policy has focused on the promotion of SMEs through improved regulations and ease of doing business; and the revival of sick industrial units.
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