The government is introducing a bankruptcy law to facilitate businesses, with a key focus on reviving sick industrial units, according to Special Assistant to the Prime Minister for Industries and Production, Haroon Akhtar Khan.
Speaking at a meeting at the Lahore Chamber of Commerce and Industry (LCCI), Khan emphasized that no action would be taken against businesses without consulting the Chambers of Commerce. He stressed that a business-friendly environment is crucial for economic growth and investment.
Key Announcements & Economic Developments
✅ Government-Industry Collaboration
✔ No government action against businesses without Chamber consultations.
✔ The need for policy continuity to ensure long-term economic stability.
✔ Reduction in markup rate from 22% to 12%, with further declines expected.
✔ Stock market hitting record highs, but focus required on GDP growth.
✅ Challenges in Industrial Growth
🔹 Excessive bureaucratic hurdles with 29 departments involved in regulations.
🔹 Rising business costs due to high gas, electricity, and petrol prices.
🔹 Industrial estate land prices hitting Rs500 million per acre, restricting expansion.
✅ Proposed Reforms & Incentives
✔ Incentive scheme for overseas Pakistanis to repatriate $30 billion in declared assets.
✔ Vehicle assembly in Pakistan and local raw material industry development.
✔ Export Promotion Sectoral Councils and new Special Economic Zones (SEZs).
✔ 20-year Industrial Master Plan to guide long-term development.
Future Outlook
The government aims to attract foreign and local investments while making industries more competitive. With a declining interest rate, a proposed industrial master plan, and a business-friendly legal framework, Pakistan is positioning itself for stronger economic growth.
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