ISLAMABAD: Adviser to Prime Minister on Commerce and Textile Abdul Razak Dawood on Sunday said the government had offered up to Rs100 billion worth packages to the industrial sector as a support in the backdrop of the challenging situation created due to the COVID- 19 pandemic.
“We are continuously in contact with all major industrial sectors, including textiles and construction. With consultation of all stakeholders, the government would give incentive to priority areas of the industrial sector for revival,” Dawood told APP.
The government wanted to resolve the liquidity issue of the industrial sector, he said adding that Drawback of Local Taxes and Levies (DLTL) payments would be made, which were pending since 2009.
The Adviser said the government would pay technology up-gradation fund worth Rs30 billion to the industrial sector to help it come out of the prevailing crisis.
He informed that total 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, Dawood said the government would pay all refunds including in Rs200 billion worth packages to compensate the industrial sector in coming budget for 2020-21.
He said this package would be paid at faster pace to the industries, adding all stakeholders were on board with the government to evolve joint strategy to resolve issues of the industrial sector in current situation.
The commerce ministry has also prepared a list of industries, which could be reopened in the current situation, he said.
The Adviser said the refund of Rs100 billion for the business community is part of that process and the government was committed to ensure timely refunds to the business community in this challenging situation.
The Adviser hoped the government and business community were on one page, saying with joint plan of action with the consensus of all stake holders “we would be overcoming economic challenges triggered due to the coronavirus.
President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Mian Anjum Nisar hailed the Rs100 billion package offered by the government.
Talking to APP, he said the government would take preventive measures and develop strategy to protect the pace of economic and trade progress and effects of world economic slowdown.
Nisar said the whole world including the potential markets of European Union (EU)- the second biggest trade destination for Pakistan- were affected by the virus.
In this regard, the government must to go for conducting studies to mitigate the economic changes after the coronavirus, he suggested.
Welcoming the package, renowned industrialist from Baluchistan and former FPCCI president Engineer Daroo Khan said a proper mechanism was required to disburse this package according to the needs of different industries.
He suggested the government to engage all stakeholders to resolve the current economic challenge.
Islamabad Chamber of Commerce and Industry (ICCI) President Muhammad Ahmed Waheed said his chamber was fully engaged in consultation with the government in the current challenging situation.
The business community of twin cities welcomed the Rs100 billion package for the industrial sector, he added.
Karachi Chamber of Commerce and Industry (KCCI) Agha Shahab Ahmed Khan also appreciated the government efforts for mitigating the current challenge, saying his chamber and business community from all over the country was committed to support the government.
Peshawar Chamber of Commerce and Industry President Engr Maqsood Anwar Pervaiz said the business community of Khyber Puktunkwa (KP) also stood by the government in the hour of need.
