SITE chief urges PM to announce package for local industries

KARACHI: President of SITE Association of Industry, Abdul Rashid has appealed the Prime Minister, Imran Khan that on the lines of incentives announced for the overseas Pakistanis, a relief package should also be announced for local and existing industries so as to save them from disaster amid non-availability of gas and increasing rate of various taxes which has escalated the production cost to the highest level, making it almost impossible to continue production activities.

The package includes incentives to attract overseas Pakistani to invest in the country in the industrial sector together with tax benefits. SITE President feared that if appropriate steps are not taken, the existing industries may close down, thereby effect exports and increase in joblessness in the country.

Abdul Rasheed while appreciating cut in POL prices, reduction in electricity tariff, tax relief for overseas Pakistanis and relief for sick industries, as recently announced by the Prime Minister Imran Khan, reiterated his demand to announce relief package for local industries as well to save them from closure.

“Industrial Promotion can only be achieved by creating ease of doing business environment,” said SITE President, adding that contrary to it, the government has not taken any notable step to mitigate losses of industries due to coronavirus pandemic and increasing production cost. He further said that Karachi industrialists have been constantly demanding to provide gas to industries and reduce electricity tariff, but to no avail.

Abdul Rasheed appealed the Prime Minister, Imran Khan to first take steps to save existing industries from disaster and adopt effective strategy to control increasing cost of production, in the absence of which, no relief package will prove effective. This is necessary to put the country on the roads of progress by making it economically sound and strong.

Copyright Business Recorder, 2022