President of the Multan Chamber of Commerce and Industry (MCCI), Mian Rashid Iqbal, presented a series of recommendations during an extensive interactive session at the MCCI. He believes these suggestions could significantly boost the national economy by billions of dollars. The session, part of a nationwide consultative process, aimed to lay the groundwork for a long-term export-oriented national industrial policy.
Usman Khan, a Professor from Lahore University of Management Sciences (LUMS), attended the session as a revenue mobilization consultant from the Pakistan Industrial Development Corporation (PIDC). He was tasked with noting industry leaders’ suggestions for inclusion in his final report, which will be submitted to the government to enhance revenues.
During the session, Mian Rashid Iqbal highlighted that the cosmetics industry could potentially generate $8-10 billion in export earnings. He proposed that the cosmetics sector should be regulated by the Pakistan Standards and Quality Control Authority (PSQCA). Additionally, he recommended a 0.5% rebate for exporters of confectioneries and snacks, estimating it could contribute an additional $1-2 billion annually to the country’s revenue. He suggested that if the government is unable to finance this rebate directly, it could be implemented as a 0.5% tax on exporters dealing in raw commodities, with the proceeds directed as a rebate to exporters of value-added products like confectioneries and snacks to promote value addition. The MCCI president also called for measures to facilitate industrialists in acquiring land for setting up export-oriented industries.
Vice President Asim Saeed Sheikh proposed a liberal loan policy to strengthen the small and medium-sized enterprises (SME) sector, while Senior Vice President of MCCI, Nadeem Ahmad Sheikh, emphasized the importance of creating a conducive business environment.
Consultant Usman Khan highlighted that the report would be a comprehensive draft based on these suggestions, aiming to assist the government in formulating a long-term industrial policy spanning the next 5-10 years, with a focus on promoting export-oriented industries for revenue mobilization.
