Pakistan is aiming to accelerate its economic growth by promoting industrialization, with new policies designed to lower tariffs and reduce production costs for the industrial sector. Key business leaders and government officials have emphasized the importance of providing relief to industry through lower energy prices and fostering a more favorable environment for business development.
A delegation from the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), led by President Atif Ikram Sheikh, met with Prime Minister’s Special Assistant on Industry, Haroon Akhtar Khan, to discuss the government’s newly announced industrial policy and the challenges facing the business community. Other notable attendees included United Business Group (UBG) Patron-in-Chief S.M. Tanveer and FPCCI Vice President Zaki Ejaz. The delegation congratulated Haroon Akhtar Khan on the successful introduction of the industrial policy and exchanged views on solving pressing issues within the sector.
During the meeting, Haroon Akhtar Khan underscored the critical role that the industrial sector plays in national development. He explained that forming the new industrial policy required extensive collaboration, including the creation of specialized committees and the engagement of Oxford consultants. Among the significant reforms introduced is a new bankruptcy law, which allows borrowers a one-year grace period before legal action can be initiated, aimed at protecting businesses in financial difficulty. Khan also highlighted efforts to address concerns about harassment by the Federal Board of Revenue (FBR), and noted that persistent work has helped improve the reputation of the business community.
Haroon Akhtar Khan further pointed out that, despite a surplus of electricity, high energy costs hinder industry from maximizing its use. He stated that even at lower prices per unit, electricity sales would remain profitable, but global constraints, often enforced by bodies like the IMF, have prevented price reductions. He concluded that the path to national progress lies in the advancement of industrialization, as demonstrated by successful economies worldwide.
FPCCI President Atif Ikram Sheikh praised Haroon Akhtar Khan’s pivotal role in shaping the new industrial policy. He expressed optimism that the policy’s initiatives to lower tariffs and production costs would revive struggling industries, decrease imports, and increase exports. Sheikh also noted the government’s commitment to enacting long-term, business-friendly policies, with Prime Minister Shehbaz Sharif actively working to reduce the cost of doing business and provide relief to industry.
S.M. Tanveer, Patron-in-Chief of UBG, called the reduction in electricity prices imperative for the survival of industry, particularly in Punjab, where high energy costs have severely impacted manufacturing. He advocated for aligning energy prices with those of neighboring countries to ensure competitive exports, particularly in the textile sector. Tanveer also welcomed the growing respect for the business community and the removal of negative perceptions about business leaders.
The meeting concluded with business leaders and government officials aligning on the need for continued reforms and support to ensure Pakistan’s industrial sector can compete regionally and drive national economic progress.
