Prime Minister Imran Khan pointed to his experience of dealing with the Overseas Pakistanis due to fundraising campaign for Shaukat Khanum hospital 30 years back and said among the 9 million expatriates, there were many successful professionals, businessmen and entrepreneurs.
He said the present government also took various measures including the establishment of special courts and crackdown on plot mafias, to restore the confidence of expatriates, which was shattered due to illegal occupation of their plots.
The Prime Minister pointing towards the much less growth in Information Technology (IT) sector over the last many years due to lack of policies said that the present government was incentivizing IT sector, which had a lot of potential to take the country forward in terms of exports.
He said that as against India’s US $ 140 billion annual IT exports, Pakistan was just hovering around $ 4 billion per annum– 70% growth achieved during the present government.
The Prime Minister said that since Pakistan stood second in the world in terms of young population, it was important to promote IT sector. For the first time, the present government came up with an IT policy, he added.
“We are trying to get the country standing on its own feet,” he said and remarked that one of those countries, which achieved self-reliance and development, were able to make and pursue an independent foreign policy.
The Prime Minister in that respect mentioned the country’s conflicting foreign policies during the Soviet attack on Afghanistan and then the US attack on Afghanistan after 9/11. “We should not blame the United States for the disrespect but ourselves,” he remarked.
Pointing to the lack of Pakistan’s policy on exports, Imran Khan recalled his 20 years’ back conversation with Malaysian leader Mahatir Muhammad, who told how his country, which used to produce only tin and rubber materials, achieved US $ 80 billion annual exports after he promoted the cottage industry and SMEs to produce electronic goods.
The Prime Minister said he considered SMEs as backbone of industry and his government was taking all possible measure for the promotion of SMEs and attracting the Overseas Pakistanis to invest in their country.
Salient Features of Promotion Package for Industry 2022:
1) Incentives for Industrial promotion:
**Investment in new industrial units and expansion and modernization of existing units;
**5% across the board payment of tax for all amounts invested
**Minimum investment threshold Rs. 50 million
**Industrial unit to be set-up as a company;
**Commercial production to begin by 30th June 2024;
**Previous beneficiaries of Amnesty Schemes of 2018 and 2019 not eligible;
**Bank loan defaulters in last three years not eligible.
2. Incentive for Revival of Sick Units:
**Applicable only to companies;
**Industrial units having accumulated losses in continuous 3 years to be treated as sick units;
**Acquiring company allowed to adjust losses of the sick units against its income for three years;
**Revival of the sick unit to be completed within three years of acquisition.
3. Incentive for Foreign Investment in Industrial Sector:
**Pakistan citizens, who are non-resident for five years and resident Pakistani having declared foreign assets, are eligible to invest;
**One-time tax credit equal to 100% of PKR equivalent of remittance to be availed in 5 years;
**Investment to be made in a new industrial unit;
**Commercial production to start by 30th June, 2024;
**New industrial unit to be a company.