Islamabad June 4 2022: Economic Corodination Committee (ECC) approved disbursement of Rs. 40.5 billion for Ministry of Commerce for payment claims cleared by SBP, under previous government’s duty drawbacks schemes (DLTL/LTLD) of textiles and non-textiles sectors.
Earlier on yesterday Federal Minister for Finance and Revenue Mr. Miftah Ismail held a meeting with a delegation of Faisalabad Chamber of Commerce and Industry led by its President Mr. Atif Munir Shaikh at Finance Division.
President Faisalabad Chamber of Commerce and Industry briefed the Finance Minister about the role of FCC&I and contribution to the economy of Pakistan. The delegation maintained that local industry should be supported in the same way as export industry is incentivized. It was shared that this industry is one of the major sources of employment for the youth of Pakistan and revenue generation.
At the same time, this industry meets the demands of local industry. The delegation also apprised the meeting of few other problems faced by this sector such as duty draw-back of taxes (DDT), sales tax refunds, electricity and gas tariff and liquidity crunch. The Finance Minister highlighted the commitment of present government to provide conducive and friendly environment to the businessmen and ease of doing business. He appreciated the contribution of Faisalabad Chamber of Commerce and Industry in the employment generation, export promotion and economic growth of the country. The Finance Minister extended his full support and cooperation to ensure facilitation to business community related to their issues of continuity of electricity and gas tariffs and to facilitate the exporters for enhancement of export.
The Finance Minister further assured that other mentioned issues will be resolved at exigency as the present government is aiming at facilitating this sector for boosting up the foreign exchange reserves and maintaining the stability of Pakistan rupee. The delegate thanked the Finance Minister for providing support and addressing their issues.
