Commerce Adviser Abdul Razak Dawood has announced that duty on the import of raw materials for industries is being reduced by six per cent from Jan 1, 2021.
“The reduction of import duty on raw materials will benefit the industry. I am the representative of industrialists in Islamabad and will help resolve all their genuine problems,” Dawood said while speaking to industrialists of Punjab in a meeting at the Civil Secretariat on Saturday.
According to a report by Dawn, the provincial minister also gave a detailed briefing on the promotion of industrialisation in Punjab and future strategy.
“The industrialists should give suggestions for long-term planning of industrialisation,” Dawood said, adding that state-of-the-art testing lab should also be established in Lahore.
He said the areas where industries are located should be declared industrial estates so that industry could take benefit.
He said the business community should take benefit of the government’s temporary economic refinance facility for importing machinery and the scheme of the federal government worth Rs100bn would continue till March 31, 2021.