Finance Minister Aurangzeb Announces New Industrial Policy, Says Privatization Drive Continues
Islamabad: Pakistan’s Finance Minister Muhammad Aurangzeb has announced that the government will soon introduce a new industrial policy aimed at providing relief to businesses and setting a clear direction for the country’s industrial sector.
Speaking at an event in Karachi, Aurangzeb said the government is moving ahead with the privatization of three power distribution companies (DISCOs) and is also working on the privatization of 28 state-owned enterprises (SOEs).
The finance minister said the government has provided relief to the business community and industries by reducing the super tax, adding that economic growth is gradually improving and signs of macroeconomic stability are becoming visible.
He also stated that while 19 foreign companies had exited Pakistan, 79 new foreign companies had entered the market, and investment had been received from 22 foreign firms.
Aurangzeb said the government has allocated Rs88 billion for exporters and that eligible businesses will be able to access financing at an interest rate of 4.5 percent.
He added that the upcoming industrial policy is expected to provide greater clarity for manufacturers and support the growth of Pakistan’s industrial sector.
