PM directs finalising industrial policy

Prime Minister Shehbaz Sharif on Thursday directed the early finalization of the industrial policy to boost production and provide sustainable solutions to the challenges facing the industrial sector.
Chairing a meeting on industrial development, he emphasized that the policy must be prepared in consultation with all relevant stakeholders.
The prime minister said equipping local industries with a skilled workforce and modern technology in line with international standards was a top government priority.
During the meeting, recommendations for the development of national industries were presented to the prime minister.
Vocational training
Prime Minister Shehbaz Sharif directed to align all vocational and technical training offered across Pakistan with international standards to enhance global employability of the country's youth and boost foreign remittances.
Chairing a high-level meeting on the operations of the National Vocational and Technical Training Commission (NAVTTC), the prime minister emphasized the need for globally accredited training programs to strengthen Pakistan's skilled workforce and increase its demand in international markets, a Prime Minister's Office news release said.
The NAVTTC officials briefed the prime minister on recent initiatives, including the mapping of vocational institutions nationwide and the activation of the National Technical and Vocational Training Data Management System.
WB country director
Prime Minister Shehbaz Sharif on Thursday held a farewell meeting with the outgoing Country Director of the World Bank in Pakistan, Najy Benhassine.
During the meeting, the prime minister expressed best wishes for Najy Benhassine and prayed for his health and success.
"You played a pivotal role in strengthening the partnership between Pakistan and the World Bank, for which we are grateful," the prime minister said while talking to Benhassine.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Business Recorder

an hour ago

• Business Recorder

Budget FY25-26: Finance bill still being discussed, says FBR

The Federal Board of Revenue (FBR) on Friday said the Finance Bill 2025 was still being discussed in the National Assembly (NA) and among various business circles. The FBR's statement comes as 'a number of news stories in the digital and print media give the impression that some of the amendments introduced in the finance bill are not understood well by the public at large', the tax body said. 'For instance, the legal provisions for the arrest of those involved in a tax fraud have already been provided under Section 37A of the Sales Tax Act, 1990 along with an elaborate procedure to be followed after the arrest which involves intimating the Special Judge immediately and the production of such person before Special Judge within 24 hours. 'However, the proposed amendment now restricts the powers of the officer to arrest by making prior inquiry after approval of the Commissioner Inland Revenue (CIR). Only on the basis of the findings of the inquiry CIR will authorise the investigation which would give the investigation officer the powers of an officer in charge of a police station under Code of Criminal Procedure, 1898 (Act V of 1898),' the FBR said. Key highlights of Pakistan budget for 2025-26 The arrest could only be made with the prior approval of CIR if the investigation officer had reasons to believe that a tax fraud might have been committed by a person, the statement added. According to the tax body, the new legal provision further provides that if the arrest is mala fide the matter will be referred to the Chief Commissioner for fact finding inquiry. 'This shows that in contrast to the earlier provision where an Assistant CIR could arrest an offender, the new provisions bring transparency in the process by a mandatory prior inquiry and investigation and finally permission by the CIR. 'Moreover, certain changes and amendments are also necessary to reassure the compliant taxpayers that those evading taxes or involved in tax fraud are dealt with by the state with an iron hand.' FBR chairman Rashid Mahmood Langrial has expressed his willingness to discuss the recent changes made in the tax laws and introduce changes wherever needed, for example, the provisions related to arrest could be revised to mandate the permission of multiple senior officers before any arrest. 'Furthermore, in order to ensure that these powers are not misused by the authorised tax officers against the compliant taxpayers and business community, the Honorable Prime Minister Shehbaz Sharif has formed a high powered committee, which will be headed by Minister for Finance and Revenue, to re-evaluate the proposed amendments and suggest adequate safeguards to prevent potential misuse of powers.' Budget 2025-26: Pakistan targets 4.2% growth as Aurangzeb presents proposals 'for a competitive economy' The other members of the committee will include Ministers of Law and Economic Affairs Division, Minister of State for Finance, SAPM Industries and Chairman FBR, as per the statement. 'The committee will also examine various options to ensure that legal economic activities are not stifled and propose additional protective measures against unlawful use of authority. The committee will submit its recommendations to the Honorable Prime Minister in three days.' **

Business Recorder

12 hours ago

• Business Recorder

Pakistan to lease ships for PNSC to curb $4bn forex drain

In a bid to save much-needed foreign exchange, Prime Minister Shehbaz Sharif on Friday directed authorities to lease ships to expand the fleet of the Pakistan National Shipping Corporation (PNSC). The development came during a review meeting on PNSC matters held in Islamabad, read a statement released by the Prime Minister's Office (PMO). Chairing the meeting, PM Shehbaz noted that due to the shortage of vessels in PNSC's fleet, the country is compelled to spend $4 billion annually from the national exchequer on sea-borne trade. The prime minister has sought a business plan for PNSC, which should be presented within two weeks. As per the PMO statement, the plan should outline a roadmap to eliminate the $4 billion annual burden on the national treasury. During a briefing on PNSC's performance, it was informed that the organisation currently possesses ten ships of various types, with a total cargo-carrying capacity of 724,643 tons. PNSC is Pakistan's national flag carrier, primarily engaged in the transportation of dry bulk and liquid cargoes globally. It was established in 1979 by merging the National Shipping Corporation (NSC) and the Pakistan Shipping Corporation. PNSC operates under the Ministry of Maritime Affairs, Government of Pakistan. Federal Minister for Economic Affairs Ahsan Iqbal Cheema, Federal Minister for Maritime Affairs Junaid Anwar Chaudhry, and senior officials of PNSC were also present at the meeting. Earlier in February, PM Shehbaz greenlit an extensive reform initiative designed to revive the country's maritime industry. The key components of the reform plan encompass restructuring of PNSC, the modernisation of the National Ports Master Plan and standardisation of tariffs throughout the country's ports.

Business Recorder

16 hours ago

• Business Recorder

BISP, NAVTTC ink partnership

ISLAMABAD: BISP and NAVTTC have signed a Memorandum of Understanding (MoU), a press release said on Thursday. The MoU was signed by Dr Asim Ijaz, Director General NSER BISP, and Dr Ishaq Rao, DG NAVTTC, the press release added. The objective of the MoU is to establish a collaborative partnership between BISP and NAVTTC to jointly work on the poverty graduation of BISP beneficiaries through skill development initiatives, said the press release. Copyright Business Recorder, 2025