TOBA TEK SINGH: Import and regulatory duty on industrial machinery in the garb of economic emergency will not only have a negative impact on the overall economy but also foment unemployed in the country, Faisalabad Chamber of Commerce and Industry (FCCI) President Atif Munir Sheikh said in a statement on Monday.

He, however, welcomed a ban on the import of luxury items to trim the import bill. He said that the depreciation of the rupee has already enhanced the import value of industrial machinery and the imposition of import and regulatory duties would further enhance the cost of doing business. He said that it would discourage the import of productive industrial machinery which is imperative to gear up the economic activities in the country.

He urged the government to take chambers and stakeholders into confidence before taking any decision linked to the economy. He welcomed the withdrawal of 17 per cent GST on the import of solar panels and hoped that it would not only help in containing loadshedding of electricity, but also convince the masses to switch over to the environment-friendly renewable energy resources.

He said that solar energy is comparatively cheaper as compared to the traditional electricity produced by using fossil fuels. He said that Pakistan is a blessed country where sunlight is available for more than 17 hours in a day.

Published in Dawn,May 24th, 2022