Prime Minister Shehbaz Sharif on Friday announced a substantial relief package for the nation”s industrial sector, featuring a significant reduction of Rs 4.04 in the electricity tariff and a sharp cut in the markup rate for the export refinance scheme, in a bid to enhance industrial competitiveness and stimulate exports.
Addressing a ceremony honouring the contributions of prominent business leaders and exporters, the prime minister revealed that wheeling charges would also be lowered to nine rupees, a move designed to permit factories to sell surplus electricity to adjacent industrial units.
Elaborating on the financial incentives, Mr Sharif confirmed the markup rate on the export refinance scheme is being decreased from 7.5 per cent to 4.5 per cent, providing further impetus to export-oriented industries.
In a novel gesture to recognise their contributions, the premier announced that the businessmen and exporters who won awards at the event would be issued two-year blue passports, designating them as “ambassadors at large” for the country.
The Prime Minister asserted that Pakistan”s economy has achieved stability, emphasising that the country must now be guided towards a path of sustainable growth.
He urged the business community to channel investments into export-focused projects and to direct capital towards Small and Medium Enterprises (SMEs) to help boost foreign exchange earnings.
Expressing his full confidence in the capabilities of the business community to transform the nation”s economy, Mr Sharif assured them that their proposals would receive due consideration, noting that several previous suggestions had already been implemented. He added that recent reforms had resulted in savings of billions of rupees.
Minister for Commerce Jam Kamal Khan, also speaking at the event, stated that the government is actively promoting an export-led economic model. He remarked that Pakistan has emerged from economic turmoil, which has restored the confidence of exporters in official policies.
The ceremony concluded with the Prime Minister distributing awards to the country”s top business leaders and exporters.