Imran orders recovery plan for 687 sick units

ISLAMABAD: Prime Minister Imran Khan on Thursday asked for a comprehensive plan within 60 days on revival of 687 sick industrial units, as he was told by his economic team that these could be revived early under the public-private partnership.

To this effect, the prime minister presided over a meeting of his economic team, consisting of federal ministers Makhdoom Khusro Bakhtiar, Umar Ayub Khan, Hammad Azhar, Muhammadmian Soomro, advisers Dr Abdul Hafeez Shaikh, Abdul Razak Dawood, Dr Ishrat Hussain and Special Assistants Dr Firdous Ashiq Awan, Yousaf Baig Mirza, Shaukat Tareen, Federal Board of Revenue (FBR) Chairman Shabbar Zaidi, Board of Investment (BoI) Chairman Zubair Gilani, NDMA chairman and other senior officials.

The prime minister said that the government’s top priority was to run the economic system on sound footing, which would generate job opportunities, investment would increase and industries would be promoted.

The meeting was informed that there were a total of 687 sick units, which could be revived early but under the public-private partnership through required measures. Imran Khan directed for furnishing a comprehensive report on the revival of sick units within 60 days, regarding the rules and administrative reforms.

About the small and medium enterprises (SMEs), the forum was informed that a number of issues were being faced with regard to the use of latest technology, availability of skilled persons, changes in the laws and lack of reforms in Small and Medium Enterprises Development Authority (SMEDA).

The prime minister asked for involvement of private sector in promotion of SMEs. He said ease of doing business must be ensured so that the investors could invest without any delay or hesitation. At local level, he contended that small industrial units should be given priority so as to creation of job opportunities. He sought a report on the promotion of SMEs within a week with a complete action plan, which should also envisage targets with timelines.

The meeting was informed that the industries relating to the construction sector would soon be given tax concessions. On sale tax concerning the steel and cement industry, the prime minister directed the adviser on finance to get involved with FBR chairman, Naya Pakistan Housing Authority and provincial governments for chalking out a strategy. The adviser was asked to submit a detailed report next week to the prime minister.

The prime minister emphasised that there would be regular meetings with his economic team and the prime objective of this was to promote coherence and harmony among ministries.