Govt To Provide Policy Support To Industrial Sector In Upcoming Budget

Federal Minister for Commerce and Industry Jam Kamal Khan on Thursday said that the government will provide economic and trade policy support to the business community and their suggestions will be implemented in the upcoming budget

ISLAMABAD, (UrduPoint / Pakistan Point News - 4th Apr, 2024) Federal Minister for Commerce and Industry Jam Kamal Khan on Thursday said that the government will provide economic and trade policy support to the business community and their suggestions will be implemented in the upcoming budget.

The government is fully aware of its responsibilities for economic and industrial competitiveness and productivity and in this regard, full support will be provided to the industrialists.

The Minister for Commerce said this while adressing the Pre- Budget 2024-25 seminar arranged by Ministry of Commerce here.

The Seminar was aimed at creating awareness on tariff rationalization for Trade bodies and associations, exporters, and public sector stakeholders from Ministry of Industries and Production, Federal board of Revenue, National Tariff Commission, Ministry of Finance, and Board of Investment among others.

The seminar was also attended by representatives by the key chambers of commerce and industry, product associations and sector specialists from all over Pakistan.

In his keynote address, the Federal Minister for Commerce, Mr. Jam Kamal termed the tariff rationalization process as a critical function of the government to enhance trade competitiveness and foster economic growth.

He said the government will further improve the economic environment for confidence building of businessmen and industrialists and priorities and measures have been initiated in this regard.

He stated that by simplifying and streamlining tariff structure, the Ministry of Commerce aims to reduce costs for domestic industries, boost exports and attract foreign investment.

The Secretary Commerce, Saleh Ahmed Farouqi highlighted that the Pre-budget seminar was organized to provide a platform for stakeholders for engaging in a meaningful discourse on the benefits and implications of tariff rationalization.

He informed the participants that the pre-budget exercise was an opportunity for stakeholders to gain insights into the tariff rationalization initiatives, learn their impact on various sectors and provide inputs to aid the process of making strategic changes to the existing tariff structure.

Every year around February, a comprehensive drive is run by the Tariff Wing at the Ministry of Commerce to invite budget proposals on a specific format from stakeholders across the country.

The call for proposals along with the prescribed format is available at the website of Ministry of Commerce.

Through the Pre-Budget Seminar, participants learned how they can provide feedback and recommendations to policymakers on tariff structure and rationalization measures.

The event featured distinguished speakers from the Ministry of Commerce, industry experts, and representatives from the key Trade Associations and Chambers of Commerce.

Sessions included presentations of various budget proposals by the Federation of Chambers of Commerce and Industry (FPCCI), Islamabad Chamber of Commerce & Industry (ICCI) and the Provincial Chambers from Lahore, Karachi, Peshawar, and Quetta.

In conclusion, the Minister thanked all the participants on their keen participation and expressed hope for a continued fruitful engagement in future.