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June 27, 2019

FPCCI demands ‘industrial amnesty’ for export-oriented sectors


June 27, 2019

ISLAMABAD: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Wednesday demanded the government to announce the first-ever “Industrial Amnesty” for the establishment of export-oriented industry without seeking source of income to bring undeclared hidden assets in documented economy, besides boosting the exports volume, a statement said.

The decision to seek the amnesty was taken at a high-level meeting of the FPCCI’s anomaly committee with United Business Group Chairman Iftikhar Ali Malik in the chair.

It was also unanimously decided that the federation and all its affiliated chambers and trade associations would fully support the government’s efforts to document economy, to accelerate the pace of economic growth and help steer the country out of the inherited financial crunch due to wrong fiscal policies of the previous governments.

Talking to newsmen after the meeting, FPCCI President Daroo Khan Achakzai

said that trillions of rupees were hidden and undocumented money would be injected in new industries and provide millions of new jobs.

Consensus was also developed on the immediate revival of sick industries to

bring it in the mainstream of quick industrialisation.

He demanded the government to extend interest-free loans for the restoration of sick industrial units and plants by waiving off their previous loans.

The export processing zone and special economic zone should be reactivated to attract foreign and local investors, he said, adding that 95 percent of the economy consisted of non-corporate sector and the share of corporate sector is five percent and non-corporate sector badly needed the immediate attention of the government.

Achakzai said that the committee also reviewed the acceptance of the FPCCI proposals and suggestions put forth to Prime Minister Imran Khan, Adviser to the Prime Minister on Finance Abdul Hafeez Sheikh, and Adviser to Prime Minister on Commerce Abdul Razak Dawood.

The budget anomaly committee after threadbare discussions with all the chambers has submitted 56 proposals for their immediate rectification in the budget.

Malik briefly talking to newsmen said that Prime Minister Khan must focus on quick industrialisation and take bold steps to speed up economic growth by restoring the confidence of foreign and local investors.

United Business Group (UBG), the largest alliance of chambers and trade bodies in the county and FPCCI, despite reservation in the budget, was supporting the amnesty scheme and crackdown against tax evaders and bringing prize bond unregistered economy in documentation in the larger national interest.

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