Industrial titans gather to chart export future

The country’s leading industrial magnates convened at the inaugural Industrial Advisory Council meeting on Thursday, aiming to overcome obstacles stifling industrial growth and to craft a strategic five-year plan to boost the export sector. Setting an ambitious target, they aim to elevate exports to $100 billion. The prominent industrialists were invited to Islamabad for the first time in a decade to deliberate on the country’s shrinking industrial base and stagnant exports. The meeting, chaired by Caretaker Commerce Minister Gohar Ejaz, served as a platform for these industrialists to share their insights and discuss potential industrial policy. During the meeting, the industrialists identified three major issues undermining industrial growth and discouraging multinational companies and foreign direct investment. The first challenge identified was the corporate sector’s burdensome income tax rate of 49 per cent, which the Federal Board of Revenue (FBR) has imposed primarily on the organised sector while failing to expand the tax base to encompass the substantial retail and wholesale sectors.