Special Assistant to Prime Minister (SAPM) on Industries and Production Haroon Akhtar Khan on Monday shared his vision and priorities to revive the ailing industrial sector, enabling the country to meet future export targets.
Addressing the business community here at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), he said a draft legislation would be prepared after due consultation to make new laws related to bankruptcy, protecting investors in default and uplifting the industrial sector.
Besides, he said a package would be introduced for improving the health of the sick industrial units as the incumbent government was fully committed and supportive to moving the economic wheel at the faster pace.
“Revival of sick industries is the quickest possible turnaround that can be achieved with just attention because the machinery and infrastructure are already in place. These can be revived without spending foreign exchange, without need of any letter of credit, or importing any machinery,” he added.
Meanwhile, access to credit in Pakistan had severely affected in the past because of huge government borrowings, but now interest rates have come down following which the government’s debt servicing has considerably decreased.
With the decreased interest rate, the SAPM said the banks that used to give public sector funding have a lot of money available that could be utilized by private sector companies.
For this purpose, he said there was need to convince banks to give credit access to private sector investors, restoring their confidence in the government policies.
He cited examples from the world where the business community enjoyed multiple options to fetch capital to start or advance their enterprises.
Haroon Akhtar said the government was focusing on introducing bankruptcy law, the revival of sick industries, and ensuring long-term financing and access to capital with the security of investment.
The SAPM vowed that the business community would be given a conducive investment environment, enabling investors to invest in diverse fields without any fear or harassment from any government department.