FPCCI demands amnesty for export oriented industry

ISLAMABAD: The Federation of Pakistan Chamber of Commerce and Industry (FPCCI) Wednesday demanded from the government to announce first-ever “Industrial Amnesty” for establishment of export oriented industry without seeking source of income to bring undeclared hidden assets in documented economy besides boosting the volume of export.

The decision to seek the amnesty was taken at a high level meeting of FPCCI’s anomaly committee with Chairman United Business Group Iftikhar Ali Malik in the chair.

Among others, the meeting was attended by FPCCI President Eng Daroo Khan Achakzai and other members, said  a press release issued here.

It was also decided unanimously that federation and all its affiliated chambers and trade associations would fully support the government’s efforts to document economy to accelerate the pace of economic growth and help steer the country out of inherited financial crunch due to wrong fiscal policies of the previous governments.

Talking to media persons after anomaly committee meeting, Daroo Khan said that trillions of rupees were hidden and undocumented money would be injected in new industries and provide millions of new jobs.

He said that consensus was also developed on the immediate revival of sick industry to bring it in main stream of quick industrialization.

He demanded of the government to extend interest free loans for restoration of sick industrial units and plants by waiving off their previous loans.

He said that export processing zone and special economic zone should be reactivated to attract foreign and local investors.

He said that 95 % of Pakistan economy consisted of non-corporate sector and  share of corporate sector is 5 % and non corporate sector badly needed the immediate attention of government

He said that the committee also reviewed the acceptance of FPCCI proposals and suggestions put forth to Prime Minister, Finance  Advisor to  Prime Minister Abdul Hafeez Sheikh, Advisor to Prime Minister on Commerce, Adbul Razak Dawood.

He said that budget anomaly committee after thread bear discussions with all chambers has submitted 56 proposals for their immediate rectification in budget.

Iftikhar Ali Malik briefly talking to media on this occasion said that  Prime Minister Imran Khan must focus on quick industrialization and take bold steps to speed up economic growth by restoring the confidence of foreign and local investors.

He said United Business Group (UBG), the largest alliance of chambers and trade bodies in the county and FPCCI, despite reservation in the budget, was supporting the amnesty scheme and crackdown against tax evaders and bringing prize bond unregistered economy in documentation in the larger national interest.