LCCI calls for industrial revolution

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has urged the government to lay foundation of “Industrial Revolution” by abolishing Customs / regulatory / additional duties on around 2,800 tariff lines for raw materials, a statement said on Friday.

LCCI President Almas Hyder said that the manufacturing sector is most important because of economic growth and it should be energised through supportive measures. “Manufacturing is the path to development, creates jobs and much-needed revenue / foreign exchange for the state,” the LCCI president added.

There are around 2,800 tariff lines of raw materials, Hyder said, adding, although the government has exempted Customs duty on more than 1,650 raw materials / industrial inputs in the Federal Budget 2019/20 on the demand of the LCCI, there are some major raw materials that are not included in this list.

He said another review is needed so that around 1,200 more raw material lines can be included in the list for duty exemption. This would enhance the competitiveness of our local industry and enable it to compete smuggling, under-invoicing and mitigate the effects of low tariff FTAs.