Low power rates to reduce production cost: PM
Shehbaz Sharif says economic stability, declining interest rates attracting increased foreign investment
Stay tuned with 24 News HD Android App
Prime Minister Shehbaz Sharif has maintained that economic stability, reduced inflation and a significant drop in interest rate has increased investments from friendly countries in Pakistan, reported 24NewsHD TV channel.
Prime Minister Shehbaz said this while chairing a meeting of the Economic Advisory Council in Islamabad on Thursday.
Shehbaz Sharif said businesses and investments are being facilitated through Information Technology reforms and digitalization of the tax system. He expressed the hope of achieving Sustainable Development Goals through a comprehensive consultative process.
Terming industrial growth as the government's top priority, the prime minister said it would increase employment opportunities in the country.
Shehbaz said the cost of industrial production would be reduced due to reduction in electricity prices, resulting in a boost in both production and exports. He said reduced cost of production would enable Pakistani products to compete internationally.
PM directs level-playing field for industries
Prime Minister Shehbaz Sharif on Thursday directed the authorities concerned to provide a level playing field for local industries and incorporate the proposals of industrial and trade bodies into the upcoming federal budget.
The prime minister, chairing a review meeting on the Export Facilitation Scheme (EFS) here, said that increasing the country’s exports to boost national revenue was among the government’s priorities.
During the meeting, interim recommendations of the committee formed to make the scheme more effective and benefitting the export sector were presented.
The prime minister instructed for further consultation with the relevant experts on the committee’s recommendations to improve the scheme for facilitating the import of raw materials and machinery for export-oriented industries.
He directed the committee to finalize its interim recommendations after further consultations and present the report soon.
During the briefing, it was told that the scheme was launched to reduce production costs and enhance the competitiveness of national exports in global markets.
The meeting was attended by federal ministers Ahsan Iqbal, Ahad Khan Cheema, Muhammad Aurangzeb, Ali Pervaiz Malik, Sardar Awais Khan Leghari, Prime Minister’s Advisor Syed Tauqir Shah, Coordinator Rana Ehsan Afzal, FBR Chairman Rashid Mehmood Langrial, and prominent figures from the export industry.
Reporter Awais Kiyani