ISLAMABAD: Prime Minister Imran Khan Thursday said his government’sforemost priority was to run the economic system on sustainable basis,which would help create job opportunities, enhance investors’ confidenceand promote local industry.
He expressed these views while chairing a meeting of the government’seconomic team here, during which matters relating to the promotion of Smalland Medium Enterprises (SMEs), revival of sick industrial units andincentives to the construction sector were discussed in detail.
Federal ministers Makhdoom Khusro Bakhtiar, Umar Ayub, Hamad Azhar andMuhammadmian Soomro, Advisor on Finance Dr Abdul Hafeez Sheikh, Advisor onCommerce Abdul Razak Dawood, Advisor on Reforms Dr Ishrat Hussain, specialassistants Dr Firdous Ashiq Awan, Yusuf Baig Mirza and Shaukat Tareen,Federal Board of Revenue (FBR) Chairman Shabbar Zaidi, Board of Investment(BOI) chairman, National Disaster Management Authority (NDMA) chairman andsenior officers attended the meeting.
Regarding the revival of sick industrial units, the prime minister wasinformed that a total of 687 sick units were in such a state which couldimmediately be revived through some measures.
The meeting was told that the revival of such units was possible throughthe public-private partnership.
The prime minister directed that the process of legislation andadministrative reforms required for the revival of sick units should befinalized within 60 days under a comprehensive planning.
Regarding the promotion of SMEs, the meeting was apprised of the challengesand problems faced by the SMEs, including investment, lack of moderntechnology, shortage of skilled manpower, legislative issues, reforms inSMEDA (Small and Medium Enterprises Development Authority) and lack ofresearch.
In this respect, the prime minister said the private sector should beinvolved in the promotion of SMEs and ease of doing business should beensured so that investors could invest in that area without any problem andhesitation.
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Priority should be given to small industrial units at local level to createjob opportunities, he added.
The prime minister directed to present within a week a complete plan ofaction, including the time-bound targets for the promotion of SMEs.
Regarding the provision of incentives to the construction sector, themeeting was told that the tax incentives would soon be offered to therelevant industries in this sector.
About the sales tax for steel and cement industries, the prime ministerdirected the Advisor on Finance to finalize a strategy in coordination withthe FBR, Naya Pakistan Housing Authority and provincial governments, andpresent a report in that respect by the next week.
The prime minister stressed for regular meetings with the economic team sothat enhanced inter-ministerial coordination was ensured.
