Country’s system discouraging industrialization: ICST

Islamabad Chamber of Small Traders (ICST) on Saturday said the system of the country is discouraging industrialization and value addition.

The current laws, rules and regulations are preferring trade over industry and pushing capital towards unproductive sectors like real estate and the stock market, it said.

Taxations system and laws governing private sector should be modified so that industrialization is promoted which will result in increased exports and reduced unemployment, said Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt.

He said that funds that can be invested in the industry are moving towards unproductive sectors increased imports and decreased exports.

The trend has damaged our economy to an extent that exports are less than twenty billion dollars while imports have surpassed fifty billion dollars slowly pushing country towards bankruptcy, he noted.

Shahid Rasheed Butt said that economic managers are pushing policies since decades which are discouraging industrial expansion while pushing industrialists to opt for trading.

Pakistan’s export sector continues to retreat in the international market because of reduced competitiveness while the industries catering to the local needs are enjoying illegal as well as unethical protection, he added.

He said that tax structure must be amended to make it friendly so that majority of the business community stop considering it as a problem and start paying taxes.

The business leader said that holding back refunds and cost of the energy has taken a toll on the export sector which was already reeling under multiple problems that has damaged it beyond repair.