Islamabad May 15, 2019: “Government to shift economy away from a consumption driven to an investment driven economy” said Advisor to the Prime Minister on Commerce Abdul Razak Dawood.
Advisor said that its time to take complete benefit of Pakistan China Free Trade Agreement (Phase-II). Chinese companies are coming to Pakistan and we must take complete advantage of this relocation of Chinese companies. He said that country has to diversify exports both product wise and geographically. “Every possible measure will be taken to enhance the exports of the country and promoting make in Pakistan products will be government’s prime focus” he added.
Delegation of All Pakistan Chambers of Commerce and Industry Presidents Convention called on Advisor to the Prime Minister on Commerce, Textile, Industries & Production and Investment Abdul Razak Dawood to discuss the tax related proposals for upcoming federal budget 2019-20. Senior officials of Ministry of Commerce and National Tariff Commission were also present in the meeting.
The delegation requested that all raw materials must attract zero or low customs duties. The delegation also proposed that government must eliminate Regularity Duties and Additional Customs Duty on raw material so that local industry may be able to compete with regional and global competitors. Custom duties on intermediary products should be reduced so that industry may be able to import quality materials, components and machinery from rest of the world.
The delegation also highlighted the issue of Non-payment of refunds as its drying out liquidity from the markets. The delegation suggested that benefit of the payment of Refunds through promissory note should be extended to all sectors including five zero rated sectors.
Advisor said that Government’s main objective is to promote industrialization in the country. He said that various measures were taken in Reforms Package 2019 in which duties were reduced to zero on certain Raw materials. Moreover, government is pursuing business friendly policies and offering various incentives for promotion of ease of doing business in the country by removing outdated and restrictive regulations.
Mr. Dawood assured the delegation that government will extend its full cooperation and support for strengthening local industry as indigenous growth is very essential for a strong economy. “More manufacturing will result in earning more revenues” he added.