Federal Minister for Industries and Production Rana Tanveer Hussain has criticized the Federal Board of Revenue (FBR) for its policies, which he describes as obstacles to economic growth due to excessive taxation.
Speaking at the Lahore Chamber of Commerce and Industry (LCCI), he highlighted the government’s commitment to economic revival through collaboration with the business community.
According to a statement by Lahore Chamber of Commerce and Industry, the Minister credited Prime Minister Shahbaz Sharif’s decisive measures over the past 16 months with averting an economic default and stabilizing the economy. He emphasized the Prime Minister’s call for a “Charter of Economy” to ensure sustainable economic progress and praised economic reforms initiated under different tenures of the PML-N government.
The Minister pointed to a review of agreements with Independent Power Producers (IPPs) that has led to lower electricity costs, with further reductions expected by April. Interest rates have been reduced from 22% to 12% over ten months, though the State Bank of Pakistan remains independent from government interference.
Rana Tanveer Hussain urged investment in research and development, particularly in industrial and agricultural sectors, and encouraged exporters to explore emerging markets such as Central Asia and Africa. He announced plans to reduce land prices in Special Economic Zones (SEZs) and Export Processing Zones (EPZs) and develop SEZs on Pakistan Steel Mills’ land.
LCCI President Mian Abuzar Shad expressed concerns over rising energy costs and high policy rates, which, despite reductions, remain uncompetitive compared to regional countries. He called for measures to address the high prices of industrial land and stressed the importance of ensuring the availability of raw materials.
The President proposed establishing Export Promotion Sectoral Councils under the Ministry of Industries to strengthen value chains and suggested creating new SEZs and EPZs in Lahore to alleviate capacity constraints. He advocated for a 20-year industrial master plan to establish industrial zones in every district.