ICCI hails Govt’s subsidized package for export and construction sectors

  • November 12, 2019
The Islamabad Chamber of Commerce & Industry lauded the announcement of the government for allocating Rs.200 billion to subsidize the export sector besides allocating Rs.100 billion for SBP’s loan facility to further support exporters and termed it a positive step as it would support exporters in enhancing production capacity and increasing country’s exports. The government will lower interest rates for exporters and the difference will be paid by the government. Muhammad Ahmed Waheed President, Tahir Abbasi Senior Vice President and Saif ur Rahman Khan Vice President, Islamabad Chamber of Commerce & Industry said that after abolishing the zero-rating facility for export-oriented industries in the federal budget 2019-20, the export sector was struggling for survival and in these circumstances, providing loans on subsidized rates to the exporters would greatly help in accelerating economic activity and enhancing exports. They also welcomed the government move to provide cash refunds of Rs.30 billion to exporters instead of issuing them promissory notes or bonds and termed it a good decision as it would provide immediate liquidity to them and help in enhancing production activities. Muhammad Ahmed Waheed said that government has decided to allocate an additional amount of Rs.30 billion as subsidy to the Naya Pakistan Housing Project (NPHP) which was laudable as it would contribute positively towards building low cost houses for the poor segments of the society. He said that government has indicated to provide special tax relief to all the businesses participating in the NPHP and stressed that business community should take full benefit of this concession by active participation in the housing project in order to support this noble cause of the government.