KARACHI: The Federation of Pakistan Chambers of Commerce & Industry (FPCCI) has urged the government to pay special attention to the rehabilitation of sick industrial units so as to boost economic activities and reduce unemployment.
In a statement issued on Tuesday, Haji Zubair Ali, convener of the FPCCI committee on revival of sick industrial units, said that special relief should be provided to traders and investors for promotion of investment and industrial development. He said the rehabilitation of ailing industries would create vast employment opportunities, besides significantly increasing exports and government revenue.
While talking to a delegation of different chambers & associations, Ali said that huge capital is required to set up new units, which usually take at least three to four years to start production, whereas rehabilitation of a sick industrial unit requires small investment and it can be quickly incorporated into the mainstream of the national economy.
“In order to increase the country’s GDP, uninterrupted supply of electricity and gas to industries must be ensured in Khyber Pakhtunkhwa and integrated tribal districts, and Balochistan.”
He sought special tax rebates as well as interest-free loans for investors and traders on easy terms so that the sick industries can stand on their own feet and move Pakistan on the right path of economic development. He said that many institutions had been forced to close down due to the global recession and local energy crisis, with production activities declining by 10pc in the industrial sector.
The government had initially announced creation of 10 million jobs, which is impossible without the development of industries and rehabilitation of ailing industries, he opined.
He further said that the government will have to take special measures and practical steps to revive the economy through industrialization. He also advised the owners of ailing industrial units to contact the FPCCI for necessary assistance towards rehabilitation of their ailing industries.