Senate body for reduction mark-up on industrial loans
By Khalid Amin

ISLAMABAD—The Senate Standing Committee on Industries, Production & Special Initiatives emphasized the need to embark upon immediate measures like rationalization of tariffs and reduction in mark-up on industrial loans, liberalization of import duty on industrial raw materials and machinery alongwith demanding a more comprehensive policy to come out of the prevailing energy crisis in the country for regeneration of the industrial sector and boosting the industrial production.
The Committee, which met at the Parliament House Wednesday under the Chairpersonship of Senator Ms. Anisazeb Tahirkheli, expressed its concern over the fact that the industrial sector is not playing its due role in the country’s economy and there is an urgent need to provide this sector with right kind of policies and an enabling environment for its revival.
The Committee further observed that the cost of doing business in the country has gone up tremendously due to the high mark-up rates, which have enhanced the cost of production and consequently decrease competitiveness of our exports. It recommended that all stakeholders be taken into confidence on ways and means to revive the industrial sector in the country. In this connection, it particularly called for input from various stakeholders principally the Chambers of Commerce and Industry.
Speaking on the occasion, a number of Senators said that the problem of unemployment cannot be addressed comprehensively without making Pakistan an investor friendly country since only major industries and investment in this sector could generate new employment opportunities. The meeting further called for incorporating the suggestions from the captains of the industry translating them into the budgetary proposals already being framed by the Federal and Provincial Governments.
Earlier, the senior officials of the Ministry of Industries & Production informed the meeting that the Ministry is also determined to provide technical assistance and education commensurate with the requirements of the industry. If required establishing new Centers or Institute besides strengthening the existing Institutions or Centers to impart required knowledge and skills to potential investors.
The meeting was attended, among others, by Senators Mir Wali Muhammad Badini, Muhammad Amin Dadabhoy, Muhammad Ghufran Khan and Ilyas Ahmad Bilour besides the Leader of the Opposition Senator Kamil Ali Agha and senior officials of the Ministry of Industries and Production.