The government is set to introduce a bankruptcy law aimed at facilitating businesses and reviving ailing industrial units, Special Assistant to the Prime Minister for Industries and Production, Haroon Akhtar Khan, announced. Addressing the Lahore Chamber of Commerce and Industry, he emphasized the importance of restoring business confidence and ensuring government departments consult the Chambers of Commerce before taking actions against the business community.

Haroon Akhtar Khan highlighted the need to reduce bureaucratic hurdles, noting that 29 departments are involved in regulatory processes. He expressed confidence in the government’s efforts to improve the economic landscape, mentioning a significant decline in the markup rate from 22% to 12% and a booming stock market. Khan also proposed an incentive scheme for overseas Pakistanis to repatriate declared assets worth approximately $30 billion.

LCCI President Mian Abuzar Shad shared insights from recent meetings with the Prime Minister, who assured business leaders of reduced electricity prices and further cuts in the markup rate. He raised concerns over the high cost of doing business due to gas, electricity, and petrol prices, and called for policy rates to drop into the single-digit range.

Shad proposed several initiatives, including promoting complete vehicle assembly in Pakistan, developing local raw material industries, and establishing new Special Economic Zones in Lahore. He also advocated for electric vehicle initiatives and enhanced financing for SMEs.

LCCI Vice President Shahid Nazir Chaudhry urged the government to regularize industrial clusters eliminating excessive fees and expedite infrastructure development in Quaid-e-Azam Business Park. Former LCCI President Muhammad Ali Mian called for LCCI budget proposals to be incorporated into the federal budget, while Ali Hassam Asghar highlighted the export potential of the rice sector.