Government initiatives include actions to reduce the cost of producing industrial goods.

The existing administration is taking priority steps to lower the cost of producing industrial goods for local industry, trade, and the populace, according to Prime Minister Shehbaz Sharif’s statement on Wednesday.

The National Tariff Policy, which was approved by the government, is a revolutionary step to increase domestic industrial production while making businesses competitive in local and international markets, according to the prime minister, who chaired a meeting to review the sub-working group’s recommendations on customs duty and other trade sector reforms.

According to him, the policy was also put into place to support domestic manufacturing and to match imports and exports with the expansion of the national economy as a whole.

He claimed that in order to boost domestic industrial production and commerce, it was necessary to identify sector-specific proposals and difficulties.

According to the prime minister, the Export Development Fund has not been used for decades to support training and research aimed at increasing industrial and economic output capability.

He highlighted that experts’ suggestions and reform ideas in the import and export industries must be supported by accurate data and statistics.

Additionally, Prime Minister Shehbaz ordered close oversight of the collection of customs taxes on products traded bilaterally and in transit with other nations along the border.

The working group believed that enhanced infrastructure, government protection, and increased investment and production capacity were the only ways to achieve sustainable export-led economic growth.

Muhammad Ali Tabba and other business leaders from the sub-working group briefed the prime minister on customs and tax collection concerns and gave their recommendations during the meeting.

The recommendations were welcomed by Prime Minister Shehbaz, who also directed the relevant ministries and organisations to provide investors and the business community with all available facilities.

Senior government officials, representatives from the national business and industry community, and federal ministers Muhammad Aurangzeb, Attaullah Tarar, Musadik Malik, Awais Ahmad Khan Leghari, Ahad Khan Cheema, Ali Pervaiz Malik, Azhar Bilal Kayani, and Haroon Akhtar, Chairman of the Special Investment Facilitation Council, attended the meeting.