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ICCI praises PM’s package for exporters

ICCI praises PM’s package for exporters

ISLAMABAD: The Islamabad Chamber of Commerce and Industry (ICCI) has hailed the Prime Minister’s Rs180 incentive package for exporters and termed it a positive development for boosting the country’s exports.

The Chamber also stressed upon to announce similar concessions on import for the overall industry to revive and accelerate industrial activities in the country,said in statement issued by ICCI here on Friday.

Under the package, sales tax, customs duty on import of textile machinery and cotton has been abolished. ICCI President, Khalid Iqbal Malik said that Pakistan’s exports have been on a declining trend despite the grant of GSP Plus facility to Pakistan by the European Union.

Khalid Iqbal Malik said it was encouraging that government has reduced power tariff for the industries from Rs.15-16 per unit to Rs.11 per unit.

He said due to CPEC project, local industry needed to upgrade its machinery and technology to compete effectively, but almost 28% cumulative duty on the import of industrial machinery including steel and other industries was a major hurdle in these efforts.

He stressed to make drastic cut in import duty in the forthcoming budget for industrial machinery that would greatly help in producing high value added products and improving country’s exports.