Federal Minister for Industries and Production Rana Tanveer Hussain urged the business community to target exports worth $100 billion over five years, exceeding the government’s target of $60 billion.
He stressed the importance of cooperation between the government and the business sector to achieve economic renaissance and sustainable growth.
Addressing the Lahore Chamber of Commerce and Industry, Hussain highlighted Prime Minister Shehbaz Sharif’s call for an “economic compact” to ensure long-term progress. He praised the economic reforms initiated by the PML-N government, citing policies from the 1990s that India later adopted.
Hussein noted that agreements with independent power producers have been reviewed, resulting in lower electricity costs, with further declines expected by April. Interest rates were also reduced from 22% to 12% over a period of ten months. He stressed that the State Bank of Pakistan (SBP) operates independently.
The minister called for investing in research and development, supporting the industrial and agricultural sectors, and adding value to exports. He encouraged exporters to explore emerging markets in Central Asia and Africa.
Plans were also announced to reduce land prices in special economic zones and export processing zones and to develop special economic zones on Pakistani steel mill lands.
Bahrain Chamber of Commerce and Industry President Mian Abu Dhar Shaad raised concerns over rising energy costs, MDI charges on inactive industrial units, and rising interest rates, which, despite being reduced to 13%, remain uncompetitive compared to regional countries. . He called for single-digit interest rates to encourage investment and improve industrial competitiveness.
Shad also addressed the high cost of industrial land, which has reached Rs 50 million per acre, as an obstacle to investment. He proposed ensuring availability of raw materials, setting up sectoral export promotion councils under the Ministry of Industry, and developing a 20-year industrial master plan for industrial zones in each region.
He proposed supporting the local manufacturing of electric cars and solar panels through joint projects with Chinese companies. The Vice President of the Oman Chamber of Commerce and Industry highlighted the high transfer fees on industrial lands and urged the government to cancel the 20% commercial value fee.
Former Kuwait Chamber of Commerce and Industry (KCCI) President Mian Anjum Nisar discussed issues related to misuse of incentives in FATA/FATA and called for government action. The meeting included insights from other business leaders and senior officials of the Oman Chamber of Commerce and Industry.