ISLAMABAD: The government is set to introduce a bankruptcy law to assist businesses, particularly in reviving struggling industrial units, according to Haroon Akhtar Khan, Special Assistant to the Prime Minister for Industries and Production. Speaking at a session at the Lahore Chamber of Commerce and Industry (LCCI), Khan emphasized that restoring business confidence is critical to driving economic growth and that any action affecting the business community must be taken with consultation from the Chambers of Commerce.
Khan stressed the importance of granting the business community more freedom to contribute to national development through industrialization and investment. The LCCI meeting was attended by prominent figures including LCCI President Mian Abuzar Shad, Vice President Shahid Nazir Chaudhry, former President Muhammad Ali Mian, and former Senior Vice President Ali Hassam Asghar, along with other executive committee members.
Highlighting the challenges businesses face, Khan pointed out that excessive bureaucratic procedures, involving 29 departments, complicate operations. He underscored that both Prime Minister Shehbaz Sharif and Deputy Prime Minister Muhammad Ishaq Dar had once led the LCCI, strengthening government-business relations.
Khan also reflected on Pakistan’s economic successes, recalling the positive remarks made by Indian Prime Minister Manmohan Singh in 1993 about Pakistan’s economic reforms under Nawaz Sharif’s leadership. He called for similar policies to ensure continuity, citing China’s sustained economic growth as an example.
He acknowledged that while the markup rate has decreased from 22% to 12% and the stock market is performing well, the focus should remain on boosting GDP growth and industrial development. Khan praised the government’s success in reducing power rates and expressed hope that the markup rate will continue to decline. He also highlighted efforts to attract both local and foreign investment, proposing an incentive scheme for overseas Pakistanis to bring back their $30 billion in declared assets.
LCCI President Mian Abuzar Shad noted the challenges posed by rising business costs, including increasing prices for gas, electricity, and petrol. He advocated for bringing the policy rate into the single-digit range and highlighted the need for affordable industrial estate land, which currently costs Rs500 million per acre.
Shad also called for the establishment of Export Promotion Sectoral Councils, the development of new Special Economic Zones (SEZs), and a comprehensive 20-year Industrial Master Plan. Vice President Shahid Nazir Chaudhry urged the regularization of industrial clusters and infrastructure development in the Quaid-e-Azam Business Park, while former President Muhammad Ali Mian pushed for the inclusion of LCCI budget proposals in the federal budget. Former Senior Vice President Ali Hassam Asghar emphasized the export potential of the rice sector.
