Govt striving to resolve liquidity issues faced by industrial sector: Dawood

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ISLAMABAD: Adviser to Prime Minister on Commerce and Textile Abdul Razak Dawood said on Friday that the government has offered up to Rs100 billion to support the industrial sector amid the current challenging situation created by COVID-19 pandemic.

“We are continuously in contact with all major industrial sectors, including textiles and construction. After taking all stakeholders on board, the government will give incentives to the priority areas of industrial sector for revival in current critical situation,” Razaq Dawood said while talking to APP.

The government was striving to resolve the liquidity issue of industrial sector, he said, adding that payments of Drawback of Local Taxes and Levies (DLTL), which were pending since 2009, would be expedited.

The adviser said the government would pay technology upgradation fund worth Rs30 billion to the industrial sector in order to help it come out of the current challenges.

He informed a total of Rs47 billion would be paid to the textiles sector in coming 100 days to support the major export sector of the country.

Replying to a question, he said the government would pay all the refunds, including a Rs200 billion package to compensate the industrial sector, in the upcoming budget 2020-21.

He said that this package would be paid at faster pace to the industries, adding that all the stakeholders were on board with the government to evolve joint strategy to resolve all the issues of industrial sector.

The adviser said the refund of Rs100 billion for the business community was part of the government commitment to ensure facilitation of the business community in this challenging situation.

Meanwhile, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Mian Anjum Nisar has hailed the Rs100 billion package offered by the government.

But he said the government should take preventive measures and develop a robust strategy to protect the pace of economic and trade progress in wake of global economic slowdown, as apprehended by leading research organizations after COVID-19 outbreak.

Nisar feared Pakistan’s exports to the potential market of Europe Union (EU) would be hit the hardest due to the global slowdown. EU was the second biggest trade destination for Pakistan after a Generalized Schemes of Preferences (GSP-Plus) was offered by the former in 2013.

“The government must conduct studies/research to find alternate markets and to mitigate the economic changes after coronavirus.”

Former FPCCI president Engr Daroo Khan also welcomed the package announced by the government and said that proper mechanism was required to disburse this package according the needs for different industries.

He suggested that the government engage all stakeholders to resolve the current evolving challenge.

Islamabad Chamber of Commerce and Industries (ICCI) President Muhammad Ahmed Waheed said that his chamber was fully engage in consultation with government to avert the virus-related challenges.

“The business community of the twin city welcomes the Rs100 billion package offered by the government for industrial sector.”

Moreover, Karachi Chamber of Commerce and Industries President Agha Shahab Ahmed Khan also appreciated the government for mitigating the current challenge.

He said that his chamber and business community from all over the country was committed to supporting the government in current evolving situation.

President Peshawar Chamber of Commerce and Industry Engr. Maqsood Anwar Pervaiz said that business community of Khyber Puktunkhwa also stands with the government and lauded Rs100 billion package announced by the government.

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