AVN 63.94 Decreased By ▼ -1.02 (-1.57%)
BAFL 29.95 Decreased By ▼ -0.30 (-0.99%)
BOP 4.64 No Change ▼ 0.00 (0%)
CNERGY 3.88 No Change ▼ 0.00 (0%)
DFML 13.40 Decreased By ▼ -0.15 (-1.11%)
DGKC 40.64 Decreased By ▼ -1.56 (-3.7%)
EPCL 47.01 Increased By ▲ 1.20 (2.62%)
FCCL 10.99 Decreased By ▼ -0.42 (-3.68%)
FFL 5.05 Decreased By ▼ -0.12 (-2.32%)
FLYNG 5.76 Decreased By ▼ -0.04 (-0.69%)
GGL 9.78 Decreased By ▼ -0.26 (-2.59%)
HUBC 61.85 Decreased By ▼ -1.45 (-2.29%)
HUMNL 5.66 Decreased By ▼ -0.09 (-1.57%)
KAPCO 27.52 Decreased By ▼ -0.31 (-1.11%)
KEL 2.14 Increased By ▲ 0.01 (0.47%)
LOTCHEM 24.23 Decreased By ▼ -1.10 (-4.34%)
MLCF 20.78 Decreased By ▼ -0.79 (-3.66%)
NETSOL 83.19 Decreased By ▼ -1.80 (-2.12%)
OGDC 86.27 Increased By ▲ 0.04 (0.05%)
PAEL 10.78 Decreased By ▼ -0.14 (-1.28%)
PIBTL 4.11 Decreased By ▼ -0.12 (-2.84%)
PPL 76.26 Decreased By ▼ -2.26 (-2.88%)
PRL 13.66 Increased By ▲ 0.04 (0.29%)
SILK 0.88 Decreased By ▼ -0.01 (-1.12%)
SNGP 40.86 No Change ▼ 0.00 (0%)
TELE 5.87 Decreased By ▼ -0.13 (-2.17%)
TPLP 15.61 Decreased By ▼ -0.39 (-2.44%)
TRG 109.97 Decreased By ▼ -1.73 (-1.55%)
UNITY 13.80 Decreased By ▼ -0.19 (-1.36%)
WTL 1.14 Increased By ▲ 0.01 (0.88%)
BR100 3,967 Decreased By -58.9 (-1.46%)
BR30 14,185 Decreased By -217.7 (-1.51%)
KSE100 39,871 Decreased By -579.3 (-1.43%)
KSE30 14,898 Decreased By -212.2 (-1.4%)
Follow us

ISLAMABAD: The Overseas Investors Chamber of Commerce and Industry (OICCI) has proposed that the government should prepare National Industrial Policy (NIP) up to 20 years to ensure consistency and competitiveness.

In a letter to Secretary Industries, Imdad Bosal, OICCI’s Executive Director, Kashif Shafi gave reference to OICCI’s letter of April 19 2022, and “submitted preliminary feedback on the Petrochemical and Plastics sectors policy in response to the sectoral policies shared by your office via letter dated March 15, 2022.

Following up on the previous letter, the OICCI has now submitting a detailed, comprehensive set of recommendations, including all previous submissions, on six of the fourteen identified sectors in which our members prominently operate. A detailed document has been shared with the Ministry.”

According to Kashif Shafi, Industrial policy should explicitly lay down the objectives that it wants to achieve along with the strategies to be adopted (OICCI has suggested certain objectives in the document for e.g. target manufacturing to GDP ratio, target annual growth rates for the sector, etc).

The Chamber further submitted that: (i) the policy should be adopted for longer term time periods (10 to 20 years) because industrial investment requires longer payback periods. This step will provide consistency to the policy and confidence to the corporates and foreign investors to develop their business cases; (ii) ensure cost competitiveness (recommendations on incentives to reduce costs such as duty-free imports of new plant and machinery, tax credits, etc); (iii) provision of infrastructure to improve supply chain connections (utility provision, access to credit lines, etc); and (iv) improve ease of doing business (single-window solutions, automation, simplification of taxation requirements and reporting, as well as regulatory procedures).

The OICCI has submitted its recommendations on taxation, trade (import and export), provision of public goods and services, Special Economic Zones (SEZs), in addition to sector specific policy recommendations i.e. petrochemical and plastics, food and agriculture, chemicals, cable and conductors, hydrocarbons and lubricants and refineries sector.

Copyright Business Recorder, 2022

Comments

Comments are closed.

OICCI urges govt to prepare 20-year industrial policy

Rupee closes at fresh low of 269.63 against US dollar as the great fall continues

KSE-100 falls over 500 points in aftermath of Peshawar blast

Pakistan facing adverse consequences of Ukraine conflict: FM Bilawal

Islamabad Court sends Fawad to jail on judicial remand

SBP says it recognises cost of monetary tightening, but curbing inflation essential

Inflation to cross 30% as rupee depreciation, petrol prices bite: report

Oil slips as rate hikes loom and Russian flows stay strong

UAE president’s visit to Islamabad postponed over ‘bad weather’

Sheikh Rashid’s Lal Haveli residence sealed over ‘illegal occupation’

Asif Ali Zardari sends legal notice to Imran Khan over ‘assassination’ remarks