FPCCI for paying special attention to rehabilitate ailing industries

ISLAMABAD: Federation Of Pakistan Chambers Of Commerce (FPCCI) on Tuesday urged the government for paying special attention to the rehabilitation of ailing industrial units to boost economic activities and reduce unemployment in the country.

They also urged to provide special relief to traders and investors for promotion of investment and industrial development to achieve sustainable economic growth.

Talking to a delegation of different chambers and associations Convener of FPCCI Committee on Revival of Sick Industrial Units Haji Zubair Ali said that rehabilitation of ailing industries would create vast employment opportunities and would also significantly increase exports and government revenue as well.

Huge capital required to set up new units, which also take at least three to four years to start production, whereas rehabilitation of a sick industrial unit require small investment and it can be quickly incorporated into the mainstream of the national economy.

In order to increase the country's GDP, uninterrupted supply of electricity and gas to industries must be ensured and Khyber Pakhtunkhwa and the integrated tribal districts and Balochistan.

He urged on, special tax rebates as well as interest-free loans to investors and traders on easy terms so that the sick industries can stand on their own feet and move Pakistan on the right path of economic development.

Many institutions were forced to close down due to global recession and local energy crisis, moreover, the lockdown due to corona pandemic our country had been affected severely and the production activities declined by 10 percent in industrial sector, he observed.

The government had initially announced creation of 10 million jobs, he said adding that it could only with the development of industries and rehabilitation of ailing industries.

He further said that the government will have to take special measures and practical steps to revive economy through industrialization. The reopening of closed industries would create employment opportunities for millions of people, he said adding that in addition it would increase exports and enhance revenue of the government.

He also advised the owners of ailing industrial units to contact the FPCCI for necessary assistance towards rehabilitation of their ailing industry.