ISLAMABAD (Dunya News) – A delegation of the business community met Special Assistant to the Prime Minister Haroon Akhtar Khan and congratulated him on the success of the new industrial policy.
The delegation, led by Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Atif Ikram Sheikh, included United Business Group (UBG) Patron-in-Chief SM Tanveer, FPCCI Vice President Zaki Ijaz and other representatives.
During the meeting, the delegation expressed appreciation for the industrial policy and held discussions on addressing the challenges faced by the business sector. Haroon Akhtar highlighted the process behind the policy, recalling how many considered it too difficult to achieve, but a committee comprising all stakeholders was formed to draft it.
Policy framework
Haroon Akhtar stated that consultants from Oxford were engaged for the policy framework, while eight committees were formed to cover various aspects. He noted that the new industrial policy introduced a bankruptcy law that provides debtors a one-year grace period before legal action can be taken.
He further said that the Federal Board of Revenue (FBR) had been convinced to stop harassing businesses on multiple counts. Stressing the importance of industrial growth, he remarked that no country can progress without industrialisation. He added that Pakistan currently has a surplus of 7,000 megawatts of power, but due to high costs, buyers are reluctant. According to him, even at 7 cents per unit, electricity would yield profit, yet the International Monetary Fund does not permit a reduction in tariffs.
Energy concerns
Haroon Akhtar underlined that persistent efforts had helped remove the negative label of “thief” from businessmen, who are now viewed with greater respect. He noted that despite interest rates as high as 25 percent, the business community had managed to sustain their enterprises.
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Speaking during the meeting, SM Tanveer emphasised that lowering electricity tariffs was crucial for the industrial sector, especially in Punjab where industries were being devastated by high energy costs. He urged that regional competitiveness should be achieved through reduced energy tariffs, which would significantly boost textile exports. Tanveer also welcomed the positive shift in perception, stating that businessmen were now seen in a dignified light.
New industrial policy
FPCCI President Atif Ikram Sheikh said the new industrial policy would revitalise industries, reduce imports, and increase exports. He praised Haroon Akhtar’s pivotal role in shaping the reforms, which aim to reduce tariffs and lower production costs for the industrial sector.
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Atif Ikram Sheikh further noted that the formation of long-term, business-friendly policies would pave the way for Pakistan’s economic growth. He added that Prime Minister Shehbaz Sharif was making serious efforts to provide relief to industries and reduce the cost of doing business.