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Businessmen Panel for a policy to promote industrialization

Businessmen Panel for a policy to promote industrialization

LAHORE: Businessmen Panel (BMP) on Wednesday urged the government to devise a policy to promote industrialization for economic prosperity in the country.

BMP Chairman Mian Anjum Nisar has called for revisiting country’s trade policy as country exports decline in three years, citing that even Bangladesh exports jumped from US $ 24 billion to US $36 billion.

He said: “We want to fully support the government’s initiatives aimed at promotion of trade and industry, however, the government should also resolve our problems on priority.”

He mentioned that chambers of commerce and trade associations should have been consulted while imposing regulatory duty on 731 items, adding that it could increase of cost of doing business and encourage smuggling.

Mian Anjum also thanked the government for speedy completion of projects under China-Pakistan Economic Corridor (CPEC).

He also called for making Special Economic Zones (SEZ) offered in CPEC functional as early as possible so that private sector of Pakistan may construct industries there.

The BMP Chairman also called upon the Federal Board of Revenue to put in place a workable mechanism to release sales tax claims which was much needed to rotate the financial circle of the businessmen.