FAISALABAD: State Minister for Finance Rana Muhammad Afzal Khan on Saturday said that the government was actively considering a proposal to clear pending refund claims of exporters by issuing monthly post-dated cheques.
Addressing the members of the Faisalabad Chamber of Commerce and Industry (FCCI) here, he said under this proposal Rs 137 billion pending claims could be finally settled in addition to the payment of Rs 11 to12 billion existing claims.
He said the ultimate objective of this proposal was to enhance exports by resolving liquidity issues being faced by exporters.
He said the present government was working simultaneously on reducing cost of doing business and promoting ease of business.
Regarding costs of doing business, he said efforts had been expedited to further cut down the cost of electricity.
He said the coal-fired powerhouses were generating electricity at 5.9 cent while it cost was 6 cent through gas-fired powerhouses.
The minister said that in March, the first phase of Neelum Jhelum hydro-electric power project would be completed. In this connection, a 51 kilometre long tunnel was passing through an experimental phase and with its commissioning the energy mix would become cheaper.
He said the electricity was earlier supplied at Rs 17 per unit which had trimmed to Rs 12 while now it was available at Rs 11.
He was hopeful that the government would succeed in bringing it further down to Rs 8 only.
Rana Afzal said the business community must contribute its role by promoting substitutes of imports locally.
He added, “It is our national responsibility to discourage unnecessary imports in addition to enhancing exports”.
Regarding large scale manufacturing sector, he said its growth rate was 9 per cent. Similarly it was 10 to 11 per cent in case of services sector. Yet 2.5 per cent growth was expected in the agriculture sector which would help us to achieve overall GDP growth of 6 per cent.
He mentioned his recent visit to China where he participated in a road show. He said 500 Chinese industrialists were planning to invest in Pakistan.
He said the FBR was ready to issue notices to approximately 10,000 people who were spending approximately Rs 4 million per month.
He also said 13,500 Chinese were working in CPEC related projects while another 18,000 were working in private projects which clearly showed the interest of Chinese to invest in Pakistan.
Earlier, in his welcome address, FCCI President Shabbir Hussain Chawla congratulated Rana Muhammad Afzal Khan on assuming the charge of State Minister for Finance and Economic Affairs.
He expressed satisfaction over the recent steps taken by the government and said those measures had yielded positive results as textile export during last five months had recorded a 7.6 per cent increase.
Later, a FCCI shield was also presented to State Minister Rana Muhammad Afzal Khan.
