Multan, June 2, 2024 – Mian Rashid Iqbal, President of the Multan Chamber of Commerce and Industry (MCCI), unveiled a series of proposals aimed at adding billions of dollars to Pakistan’s national economy during an interactive session held at MCCI on Friday. This event is part of a nationwide consultative exercise to develop a long-term, export-oriented national industrial policy.
Usman Khan, a Professor from Lahore University of Management Sciences (LUMS) and the revenue mobilization consultant from Pakistan Industrial Development Corporation (PIDC), attended the session to document industry leaders’ suggestions. These inputs will be included in his final report on revenue enhancement strategies for the government.
In his remarks, Mian Rashid Iqbal highlighted the potential of the cosmetics industry, suggesting it could generate $8-10 billion through exports. He recommended that the Pakistan Standards and Quality Control Authority (PSQCA) regulate the sector to ensure quality and boost international sales.
Additionally, Iqbal proposed a 0.5% rebate for exporters of confectioneries and snacks, which he believes could yield another $1-2 billion annually. To fund this rebate without burdening the government, he suggested imposing a 0.5% tax on exporters of raw commodities, using the proceeds to incentivize value-added product exports.
The MCCI president also emphasized the need for easy access to land for industrialists to establish export-oriented industries, a crucial step for expanding the country’s manufacturing base.
Vice President Asim Saeed Sheikh advocated for a liberal loan policy to bolster the small and medium-sized enterprises (SME) sector, while Senior Vice President Nadeem Ahmad Sheikh stressed the importance of creating an enabling environment for businesses to thrive.
Professor Usman Khan stated that the final interactive session of this initiative would be held in Islamabad, featuring government officials and select members from Chambers of Commerce and Industry (CCIs) nationwide. The final report will consolidate these suggestions into a comprehensive draft, aimed at helping the government formulate a long-term industrial policy focused on encouraging export-oriented industries and revenue mobilization for the next 5-10 years.
These collaborative efforts between industry leaders and policymakers are expected to pave the way for substantial economic growth and enhanced international trade for Pakistan.
