KARACHI: Lasbela Chamber of Commerce and Industry (LCCI) President Ismail Suttur has said that the exclusive emphasis on only five zero-rated export sectors and the prioritisation of policies are significant obstacles hindering economic and industrial development.

       In a statement issued on Tuesday, the resident LCCI rejected the government’s policy of prioritising only five sectors for the benefits aimed at increasing exports.

       He contends that the government’s rationale is to exclusively concentrate on five sectors of Pakistan’s export industry, namely textiles, carpets, sports goods, surgical, and the leather industry.

       These specific sectors enjoy subsidised electricity and gas rates along with lower duties and taxes. In contrast, the remaining manufacturing divisions receive no subsidies to enhance their competitiveness in the international market, despite outperforming the five zero-rated export sectors, he added.

       Mr Ismail said that the country’s industrial foundations are laid by small and medium enterprises and today, these industries are taking a serious hit because of ill-advised policies that support only a handful of setups.

       Punjab is renowned for its fertile soil and textile hub followed by Balochistan for its rugged terrain abundant in mineral resources, Sindh for its coastal line ideal for the fisheries industry, and Northern Pakistan for its potential in tourism and winter nuts. Currently, only Punjab is considered the epitome of industries in Pakistan, while the rest of the regions are neglected, he said.

       Published in Dawn, January 17th, 2024