Special Economic Zones ‘PPMA can bring investment of $1bn’

ISLAMABAD: Pakistan Pharmaceutical Manufacturing Association (PPMA) Chairman Mian Khalid Misbahur Rehman, who came with his delegation to a meeting with the SAPM on Investment Tahir Javed, said they can bring an investment of $1 billion in the Special Economic Zones.

PPMA delegation led by Chairman PPMA Mian Khalid Misbahur Rehman, meet here at the Board of Investment (BOI) office. He said that the government should not change the sales tax and tariff structure and give especial tax exemption on raw material.

He said that 95 percent of pharmaceutical raw material is imported due to which the price of medicines increased with the dollar. He maintained that the exchange rate has an effect on the price of medicines.

Earlier, Tahir Javed said that Pakistan was the world’s leading manufacturer and importer in the pharmaceutical sector in the 1990s, and had a place of its own in the region.

At one time, Pakistani pharmaceutical manufacturers were leading exporters to Europe and America whose exports held a special place in the important markets of the world, he said.

The SAPM said that the pharmaceutical sector is a major player in the country’s exports and the trend of investment in the special economic zone is increasing and the pharmaceutical companies should come and invest in it.

He said that the government will support the pharmaceutical sector in every aspect and ease of doing business is the priority of the BOI.

The minister said that whatever problems the pharmaceutical sector has, they will try to resolve them so that the country’s economy become strong and the country’s exports increase.

He said that getting quality and affordable medicines to the people is the first priority of the government, for which the government and pharmaceutical manufacturers will try to work together.

Tahir Javed said, “I will take the proposals given to me by the pharmaceutical sector in the cabinet and work to improve the business environment for the pharmaceutical sector.”

He said that further development can be made in this sector through innovation and can take the country forward in the competitive market in today’s world.

He reiterated that the government will encourage the investors in every way so that economic development can take place in the country.

Copyright Business Recorder, 2023