ISLAMABAD: Islamabad Chamber of Commerce and Industry (ICCI) President Ahmed Hassan Moughal on Thursday lauded the government’s initiative for removing customs duty on the import of heavy machinery for oil and gas exploration in order to enhance indigenous fuel production.
In a statement on Thursday, he stressed that the government should extend similar concession to the import of industrial machinery in the next mini-budget so that the industrial sector could be upgraded at par with developed countries.
He said upgradation of technology and machinery in the indigenous industrial sector was the key requirement for rapid economic growth of Pakistan, but the imposition of heavy duties and taxes on the import of some industrial machinery was a major constraint in uplifting the local industry.
He stressed that the government should allow duty-free import of technology and machinery in the next mini-budget in order to help local industry produce value-added products and put Pakistan on the path of accelerated progress and prosperity.
