A delegation of business leaders met with Prime Minister’s Special Assistant on Industry, Haroon Akhtar Khan, to discuss Pakistan’s new industrial policy, with participants expressing hope that the reforms will lower tariffs, reduce production costs, and boost industrial growth across the country. The meeting featured the leadership of Pakistan’s apex business chamber and addressed the challenges faced by the business community, emphasizing the critical role of industrialization in national development.
During the meeting, Haroon Akhtar Khan highlighted that while many considered the drafting of a comprehensive industrial policy a daunting challenge, a committee of all stakeholders, supported by Oxford consultants, successfully developed the policy. He noted that eight committees were formed to shape the new strategy, which for the first time introduces a bankruptcy law for the business community. This law would grant debtors a one-year grace period before the initiation of legal action. Khan also mentioned efforts to convince the Federal Board of Revenue to stop harassing businesses and to change the perception of businessmen as untrustworthy, claiming that now businesspeople are viewed with increased respect.
Khan underscored that despite Pakistan having a surplus of 7,000 megawatts of electricity, high energy prices have discouraged consumption. He argued that electricity could be profitably supplied at a rate of seven cents per unit, but international lenders such as the IMF have prevented price reductions. Khan stated that industrialization is the path to economic progress for any country and commended the resilience of Pakistani businesses in surviving even at a 25 percent interest rate environment.
FPCCI President Atif Ikram Sheikh praised Khan’s role in developing the new policy, stating that it would reduce tariffs and production costs, thereby reviving industries, lowering imports, boosting exports, and putting the country on track for economic growth through business-friendly and long-term approaches. He also acknowledged Prime Minister Shehbaz Sharif’s commitment to easing the burden on industry and lowering business costs.
S M Tanveer, Chief Patron of the United Business Group, stressed the urgent need to decrease electricity prices for industry, warning that high costs are harming Punjab’s industrial sector. He called for energy prices to be brought down to competitive regional levels, arguing that making power more affordable would spark significant growth in textile exports. Tanveer also welcomed the changing perception of businesspeople, considering it a positive sign for Pakistan’s economic environment.
