IslamabadThe government is scheduled to submit a law for bankruptcy to help companies, especially in reviving the troubled industrial units, according to Aaron Aarkh Khan, a special assistant to the Prime Minister for Industries and Production. Speaking at a session in the Chamber of Commerce and Industry in Lahore (LCCI), Khan stressed that restoring work confidence is very important to lead economic growth and that any action that affects the business community must be taken with consultation from the Chambers of Commerce.
Khan stressed the importance of giving the business community more freedom to contribute to national development through manufacturing and investment. The LCCI meeting was attended by prominent personalities including LCCI President Mian Abu Zarhar Shad, Vice President Nasser Chaudhry, former President Mohamed Ali Mian, and former Vice President Ali Hasam Asagar, along with other members of the Executive Committee.
With the highlight of the challenges facing companies, Khan indicated that excessive bureaucratic procedures, which include 29 departments, are the complexity of operations. He stressed that both Prime Minister Shaybaz Sharif and Deputy Prime Minister Mohamed Ishaq Dar had once led LCCI, which strengthens government business relations.
Khan was also reflected in Pakistan’s economic successes, intelligence in the positive statements made by Indian Prime Minister Manmohan Singh in 1993 on Pakistani economic reforms under the leadership of Nawaz Sharif. He called for similar policies to ensure continuity, pointing to the continuous economic growth in China as an example.
He acknowledged that, although the coding rate is from 22 % to 12 % and the stock market works well, the focus should remain on enhancing the growth of gross domestic product and industrial development. Khan praised the success of the government in reducing energy rates and expressed his hope that the coding rate will continue to decrease. He also highlighted the efforts made to attract both local and foreign investment, and proposed the incentive plan for Pakistani abroad to restore their assets of $ 30 billion.
LCCI President Mian Abu Zarhar Shad noted the challenges raised by the high business costs, including the increase in gas, electricity and gasoline prices. He called for a policy price to be brought to the number one and the most prominent need for industrial real estate land at reasonable prices, which is currently 500 million rupees per acre.
Shad also called for the establishment of sectoral councils for export, the development of new special economic areas (Sezs), and a comprehensive major industrial plan for 20 years. Vice President Nazer Nazer Chaudhry urged organizing industrial groups and developing infrastructure at the Kwid Asam Business Park, while former President Mohamed Ali Minyan prompted the inclusion of LCCI budget proposals in the federal budget. Former first vice president Ali Hassan Asgar emphasized the potential for the export of the rice sector.
