The Lahore Chamber of Commerce & Industry has urged the government to lay foundation of "Industrial Revolution" by abolishing customs/regulatory duty/additional duty on around 2800 tariff lines for raw materials
Lahore (Pakistan Point News / Online - 21st June, 2019) The Lahore Chamber of Commerce & Industry has urged the government to lay foundation of "Industrial Revolution" by abolishing customs/regulatory duty/additional duty on around 2800 tariff lines for raw materials.The LCCI President Almas Hyder said that manufacturing sector is most important cause of economic growth and it should be energized through supportive measures."Manufacturing is the path to development, creates jobs and much-needed revenue/foreign exchange for the state", the LCCI President added.
He said that high cost of doing business is the major reason of below the par growth of manufacturing sector and exports of the country. He said that finest quality of Pakistani goods impress the international buyers but Chinese, Indian, Bangladeshi and products of various other countries get the benefit of low input cost.The LCCI President said that there are around 2800 tariff lines of raw materials. Although the Government has exempted Custom Duty (CD) on more than 1650 raw materials/industrial inputs in the Federal Budget 2019-20 on demand of the LCCI, there are some major raw material lines that are not included in this list.
He said that another review is needed in this regard so that around 1200 more raw material lines can be included in the list for duty exemption. This would enhance the competitiveness of our local Industry and enable it to compete with smuggling, under invoicing and mitigate the effects of low tariff FTAs. Furthermore, it will help Government eliminate many SROs and close many doors of corruption.
