Federal Minister for Industries and Production Rana Tanveer Hussain has urged the business community to target $100 billion in exports over five years, exceeding the government’s $60 billion goal.
He emphasized the importance of collaboration between the government and businesses to achieve economic revival and sustainable growth.
Speaking at the Lahore Chamber of Commerce and Industry (LCCI), Hussain highlighted Prime Minister Shehbaz Sharif’s call for a “Charter of Economy” to ensure long-term progress. He praised economic reforms initiated by the PML-N government, citing policies from the 1990s that were later adopted by India.
Hussain noted that agreements with Independent Power Producers (IPPs) have been reviewed, resulting in reduced electricity costs, with further decreases expected by April. Interest rates have also been reduced from 22% to 12% over ten months. He stressed that the State Bank of Pakistan (SBP) operates independently.
The minister called for investment in research and development, support for industrial and agricultural sectors, and value addition in exports. He encouraged exporters to explore emerging markets in Central Asia and Africa.
Plans to reduce land prices in Special Economic Zones (SEZs) and Export Processing Zones (EPZs) and to develop SEZs on Pakistan Steel Mills’ land were also announced.
LCCI President Mian Abuzar Shad raised concerns over rising energy costs, MDI charges on inactive industrial units, and high policy rates, which, though reduced to 13%, remain uncompetitive compared to regional countries. He called for single-digit policy rates to encourage investment and improve industrial competitiveness.
Shad also addressed the high cost of industrial land, which has reached Rs50 million per acre, as a barrier to investment. He proposed ensuring raw material availability, creating Export Promotion Sectoral Councils under the Ministry of Industries, and establishing a 20-year industrial master plan for industrial zones in each district.
He suggested supporting local manufacturing of electric vehicles and solar panels through joint ventures with Chinese companies. The LCCI vice president highlighted high conversion fees on industrial land and urged the government to remove the 20% commercial value charge.
Former LCCI President Mian Anjum Nisar discussed issues related to the misuse of incentives in FATA/PATA and called for government action. The meeting included insights from other business leaders and senior LCCI officials.
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