Monday, March 17, 2025
HomeEconomyGovernment PoliciesPakistan to Introduce Bankruptcy Law to Revive Sick Industries

Pakistan to Introduce Bankruptcy Law to Revive Sick Industries

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.

What are your thoughts on these reforms? Share your views below! 🚀

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments