Imran Khan, the prime minister of Pakistan, unveiled on Tuesday a package of incentives for the country’s industrial sector, with particular emphasis on attracting foreign investment and boosting the country’s export-oriented industrial and manufacturing base.
The prime minister of Pakistan, during an event in Lahore, asked abroad Pakistani businesses to invest in the country’s industrial sector. Additionally, he stated that local businessmen involved in joint ventures will be eligible for a five-year tax break, with no questions asked, in addition to expats.
In his words, “the government is doing everything it can to promote export-oriented industries that are critical to the country’s socio-economic development and progress.” He went on to emphasize the importance of strengthening Small and Medium-Sized Enterprises (SMEs) and reviving struggling manufacturing facilities.
In his speech, PM Imran Khan stressed the importance of attracting nine million Pakistani expats to invest in their country by providing them with incentives and providing them with trust in the preservation of their hard-earned cash. He believed that countries could not attain progress just via the production of grains and vegetables, and he was right.
In his words, the current government has resolved to encourage the development of industries, particularly export-oriented businesses.
“A lack of long-term planning, a scarcity of dollars, and a slow or non-existent increase in exports has forced the government to seek assistance from the International Monetary Fund (IMF),” he bemoaned.
According to Prime Minister Khan, the existing government’s two-pronged industrial policy is focused on the promotion of SMEs through improved regulations and ease of doing business.