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APP
August 11, 2020

‘Smart lockdown strategy proved beneficial for traders’

Islamabad

A
APP
August 11, 2020

Islamabad:Business community and traders Monday hailed the government’s smart lockdown strategy adopted during COVID-19, saying that it benefited the local businesses, especially export and construction sectors.

“The government provided good incentives to the local industrial sector, especially export-oriented businesses besides offering huge relief package to the constitution sector,” President Islamabad Chamber Commerce and Industry (ICCI) Muhammad Ahmed Waheed told APP. He said that the government came up with a comprehensive strategy that helped mitigate the losses the businesses community might have faced due to coronavirus spread.

The ICCI President particularly mentioned the timely payment of sales and income tax refunds which bolstered the businesses. In addition, he said that the reduction of interest rate by the State Bank of Pakistan (SBP) was timely decision during the most challenging times and urged the commercial banks to offers credit to businesses, especially the small and medium enterprises (SMEs).

He termed the report by Moody’s as encouraging sign as it would promote country’s image and help the government attract Foreign Direct Investments (FDI). The President ICCI stressed the need for proper utilization of the economic package provided by the government and also highlighted the need for modernizing the industrial sector to increase exports.

Meanwhile, President Rawalpindi Chamber of Commerce and Industry (RCCI) Saboor Malik said that as compared to other regional economies, the government adopted balanced approach to deal with COVID-19 challenges. “We adopted a good approach and protected the local business from the negative impact of COVID- 19 challenge,” he remarked.

He said that during the COVID- 19 the government has announced the package for local businesses, released refunds besides providing relief in utility bills, which he said gave huge relief to local industry. He added that government’s economic package, especially construction and export sector would help generate economic activities and boost the local industry sector.

The president RCCI said that Prime Minister Imran Khan emerged as visionary leader as the smart lockdown strategy was appreciated across the world and various economies followed this plan of action.

He expressed the hope that the positive ranking by Moody’s would have positive impact on Pakistan economy. He said there was a huge need of coordination between all stakeholders to come on one page for resolving the issues of the business community and economic development in the country.

Meanwhile, Senior Vice President of Pakistan Federation Chamber of Commerce and Industry (FPCCI) Qaisar Khan Daudzai said that a appreciate the government strategy of smart lockdown during COVID-19 and said that the business community admired the package provided by the government especially for exports and construction industry.