PFC presents budget proposals

LAHORE:The Pakistan Furniture Council (PFC) has presented a comprehensive set of ten budget proposals for the fiscal year 2024-25 to Federal Board of Revenue, ministries of industry, commerce, economic affairs, and finance.

Chairing board of directors meeting here Sunday council Chief Executive Officer Mian Kashif Ashfaq informed the participants that these proposals reflect the PFC's commitment to promoting growth, competitiveness, and sustainability within the Pakistani furniture sector, thereby contributing to the country's economic development and global competitiveness. He said proposals included the call for the recognition of the furniture industry with full-fledged industry status. This acknowledgment would provide the sector with access to various incentives and benefits aimed at fostering growth and sustainability. He said export incentives feature prominently in the proposals, aiming to encourage furniture exports and boost the country's foreign exchange earnings. These incentives could include tax rebates, subsidies, or other financial support mechanisms, he added. He said that PFC faced acute shortage of skilled workforce in the woodwork industry. To address this key issue, PFC proposed initiatives for the training and development of skilled artisans, ensuring a competent workforce capable of meeting the demands of the industry for timely shipping of export orders. The PFC advocates for the provision of interest-free loans to furniture manufacturers, enabling them to invest in technology, expand production capacities, and enhance product quality.