Published On: Tue, Mar 25th, 2014
Published in Category: Islamabad

Industry to be protected for employment generation, competitiveness: Dar

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ISLAMABAD: Finance Minister Muhammad Ishaq Dar, Monday, assured the representatives of various Chambers of Commerce and Industry that government is committed to protect the interests of domestic industry for the purposes of employment generation and to keep it competitive.

The Finance Minister was presiding the second sitting of the Special Committee constituted by the Prime Minister, Nawaz Sharif to review the concessionary regime (SROs) here at Federal Board of Revenue (FBR).

During the meeting the Chairman Federal Board of Revenue, Tariq Bajwa told the participants of the meeting that the sub committee held its various meetings with the stake holders to firm up recommendations to be considered by the Committee.

Bajwa also gave a detailed presentation on the deliberations of the sub committee in the light of principles formulated by the Committee.

Dar directed the Chairman FBR to hold separate sitting with the representative of the various Chambers of Commerce and Industry for incorporating their recommendations.

Elaborating further the Minister observed that the Prime Minister’s decision to constitute this Committee and include in it, representatives of relevant ministries as well as stakeholders including business persons is aimed at taking all on board so that the decisions pertaining to removal of distortions and disparities in the SROs are made with collective wisdom.

Over protection of the interests of the local industry the Finance Minister vowed toe protect the interests of the local industry at any cost to keep it competitive and to maintain employment generation, adding, “In order to promote local industry we need to focus on its development and promotion.”

The government, said the Minister, will provide protection where required and will not impose any burden where it is not sustainable or impacts the common man.

Terming the role of Engineering Development Board (EDB) vital and essential Ishaq Dar said that It has to strengthen the engineering sector and integrate it with the world market to make it driving force for economic growth.

The Minister also directed EDB officials to work with the FBR team for firming up final recommendations in regard to machinery and related items.

In this connection, the Minister said that the Federal Board of Revenue (FBR) has been working hard to rationalize and streamline SROs and he has himself held several meetings.

Federal Minister for Planning and Development Ahsan Iqbal, Federal Minister for Commerce Khurram Dastagir, Federal Minister for Textile Industry Abbas Khan Afridi, Secretary Finance Dr. Waqar Masood, Secretary Board of Investment Imran Afzal Cheema, representatives of Federation of Pakistan Chamber of Commerce, Karachi Chambers of Commerce, Lahore Chambers of Commerce, KPK Chamber of Commerce, and other senior officials of the federal government were also present in the meeting.