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Business Recorder
2 days ago
- Business
- Business Recorder
PM Shehbaz directs for early finalization of national industrial policy
Prime Minister Muhammad Shehbaz Sharif on Thursday directed for early finalization of national industrial policy in consultation with all stakeholders for lasting solution of problems faced by industries and accelerating industrial growth, according to Radio Pakistan. Chairing a high level meeting in Islamabad, he said development of domestic industries is inevitable for export-led economic growth. Pakistan reveals National Tariff Policy draft, aims to eliminate RDs, ACDs in 5 years The Prime Minister said equipping the industries with international standard manpower and technology is the government's top priority. He said recent economic policies have been devised with the aim to give a boost to domestic industries. He mentioned the tariff rationalization policy, and said it will promote investment in the country. During the meeting, recommendations were presented for development of domestic industries. It was informed that the country's manufacturing sector will be revived through an effective industrial policy. In a related development earlier, the federal government unveiled the draft for the National Tariff Policy (NTP) 2025–30 at the Regulatory Reforms Conference on Wednesday. The conference, organised by the Board of Investment (BoI), aimed at advancing regulatory simplification and industrial competitiveness, bringing together federal ministers, diplomats, and private sector representatives for a strategic dialogue on Pakistan's economic direction. 'The National Tariff Policy 2025–30 is designed to create a predictable, transparent, and investment-friendly tariff structure,' said Rana Ihsaan Afzal, Coordinator to the Prime Minister on Commerce, read a statement released by the Ministry of Commerce. The NTP 2025–30 outlines ambitious reform goals, including the phasing out of ACDs in four years, elimination of RDs and the 5th Schedule within five years, and the establishment of a simplified four-slab Customs Duty structure (0%, 5%, 10%, 15%).
Business Recorder
3 days ago
- Business
- Business Recorder
National Tariff Policy draft 2025-30 unveiled
ISLAMABAD: The Government of Pakistan unveiled the draft National Tariff Policy (NTP) 2025-30 during the National Regulatory Reforms Conference organised by the Board of Investment (BoI). The conference, aimed at advancing regulatory simplification and industrial competitiveness, brought together federal ministers, diplomats, and private sector representatives for a strategic dialogue on Pakistan's economic direction. Rana Ihsaan Afzal, Coordinator to the Prime Minister on Commerce, represented the Ministry of Commerce and delivered the keynote address on the minister's behalf. In his speech, Afzal underscored the government's strong commitment to rationalising Pakistan's tariff regime, simplifying business processes, and fostering export-led growth. He stated, 'The National Tariff Policy 2025-30 is designed to create a predictable, transparent, and investment-friendly tariff structure. By facilitating duty-free access to raw materials, phasing out Additional Customs Duties (ACDs) and Regulatory Duties (RDs), and supporting nascent and green industries, this policy paves the way for innovation, employment generation, and sustained economic growth.' The NTP 2025-30 outlined ambitious reform goals, including the phasing out of ACDs in four years, elimination of RDs and the 5th Schedule within five years, and the establishment of a simplified four-slab Customs Duty structure (0%, 5%, 10%, 15%). The policy aims to benefit key sectors including textiles, engineering, pharmaceuticals, and IT, while encouraging investment and reducing production costs across the board. Rana Afzal highlighted that the implementation will begin with the reduction of tariffs on approximately 7,000 tariff lines, largely focused on raw materials and intermediate goods, yielding an estimated Rs 200 billion in benefits to trade and industry. 'These reforms will enable Pakistan's industries to scale, compete globally, and shift towards higher value-added exports,' he said. 'With these changes, we anticipate not just stronger GDP growth, but also increased employment, improved industrial productivity, and enhanced investor confidence.' The conference was also attended by Federal Minister for the Board of Investment Qaiser Ahmed Sheikh, Special Assistant to Prime Minister on Industries and Production Haroon Akhtar Khan, senior officials, diplomats, and leading figures from the private sector. Participants lauded the government's efforts to streamline regulation and modernise trade facilitation, calling the draft policy a significant step toward Pakistan's long-term economic transformation. Copyright Business Recorder, 2025
Business Recorder
3 days ago
- Business
- Business Recorder
BoI successfully hosts ‘National Regulatory Reforms Conference'
ISLAMABAD: The Board of Investment (BoI), Prime Minister's Office, successfully hosted the National Regulatory Reforms Conference 2025 under the theme 'Enabling Business, Empowering Pakistan.' The conference brought together an esteemed gathering of federal ministers, government officials, regulatory authorities, international experts, development partners, and representatives from the private sector and academia to deliberate on Pakistan's evolving regulatory landscape and chart out a dynamic roadmap for future reforms. In her welcome remarks, Ambreen Iftikhar, additional secretary BOI emphasised that regulatory reforms cannot be the government's responsibility alone. A coordinated, inclusive, and consultative approach—bringing together businesses, regulators, academia, and development partners—is essential. She highlighted key reform initiatives under the Pakistan Regulatory Modernization Initiative (PRMI), projects like SMART and DEEP, Regulatory Guillotine and the Pakistan Business Portal (PBP)—all aimed at simplifying the regulatory environment and reducing business compliance costs. In his keynote address, Qaiser Ahmed Sheikh, Federal Minister for Investment candidly reflected on the challenges facing Pakistani businesses. He stressed the need for robust joint ventures and shared successful examples of his own collaboration with Korean and Malaysian firms. He called for a more efficient one-window operation and emphasised that Pakistan has the potential to compete globally—provided regulatory inefficiencies are addressed. Haroon Akhtar Khan, Special Assistant to the Prime Minister Ministry of Industries and Production emphasised the need for a policy mix that bridges academic insights with ground realities. He pointed to high power tariffs, tax rates, and lack of investor confidence as key challenges. He urged for reforms that support domestic industries and boost exports, noting that Pakistan's resilient business community must be at the heart of sustainable economic revival. Rana Ihsaan Afzal Khan, Coordinator to the Prime Minister on Commerce, discussed Pakistan's structural economic constraints, particularly the boom-bust cycles caused by current account deficits. He advocated for an export-oriented economy, rationalisation of tariffs, and a transparent customs regime to build long-term economic stability. Dr Jehanzaib Khan, secretary of the SIFC Apex Committee, called for a more balanced regulatory approach. He proposed third-party inspections, regulatory quality system and quality checks to replace overly punitive regulatory measures. International expert Scott Jacobs acknowledged Pakistan's progress and underlined the importance of a principle-based, sequenced approach to regulatory reforms. He commended BOI and the SMART team for incorporating global best practices in reform implementation in line with global best practices. A technical presentation by Ahmed Waqar, Director Reforms, BOI, detailed the journey 'From Bottlenecks to Breakthroughs,' showcasing identification of paining RLCOs (regulatory licenses, certificates, and other obligations) and the development of short, medium, and long-term reform strategies. Representing the private sector, Atif Akram Sheikh underscored the need for quarterly consultations, co-designed interventions, and mutual accountability to make Pakistan a country where doing business becomes a competitive advantage. Representing development partners, Jo Moir, Development Director at the British High Commission, reaffirmed the UK's support for Pakistan's reform efforts. She cited REMIT's ongoing technical assistance and highlighted Pakistan's untapped economic potential, especially in youth and entrepreneurship. She urged continued momentum in regulatory reforms for investment promotion in the country. Copyright Business Recorder, 2025
Express Tribune
3 days ago
- Business
- Express Tribune
Draft tariff policy for 2025-30 unveiled
Listen to article The Government of Pakistan unveiled the draft National Tariff Policy (NTP) 2025-30 during the National Regulatory Reforms Conference organised by the Board of Investment (BOI). The conference, aimed at advancing regulatory simplification and industrial competitiveness, brought together federal ministers, diplomats and private sector representatives for strategic dialogue on Pakistan's economic direction. Coordinator to the Prime Minister on Commerce Rana Ihsaan Afzal underscored the government's commitment to rationalising Pakistan's tariff regime, simplifying business processes and fostering an export-led growth. "The National Tariff Policy 2025-30 is designed to create a predictable, transparent and investment-friendly tariff structure. By facilitating duty-free access to raw material, phasing out additional customs duties and regulatory duties, and supporting nascent and green industries, this policy paves the way for innovation, employment generation and sustained economic growth," he said. The policy outlines ambitious reform goals, including the phasing out of additional customs duties over four years, elimination of regulatory duties and 5th Schedule within five years, and establishment of a simplified four-slab customs duty structure (0%, 5%, 10% and 15%). It aims to benefit key sectors including textile, engineering, pharmaceutical and IT while encouraging investment and reducing production costs across the board. Rana Afzal highlighted that implementation would begin with reduction in tariffs on around 7,000 tariff lines, largely focused on raw material and intermediate goods, yielding Rs200 billion in benefits to trade and industry.
Arab News
3 days ago
- Business
- Arab News
Pakistan unveils draft tariff policy to drive export-led growth
ISLAMABAD: Pakistan on Wednesday unveiled a draft National Tariff Policy 2025-30 at a regulatory reforms conference, aiming to shift the country toward an export-led growth model by overhauling its trade tariff structure to boost industrial productivity, investment and competitiveness. The event was organized by the Board of Investment (BoI), and attended by senior government officials, diplomats and private sector representatives. The policy sets out sweeping reforms, including the phasing out of Additional Customs Duties (ACDs) within four years, elimination of Regulatory Duties (RDs) and the 5th Schedule within five years, and the creation of a simplified four-tier Customs Duty structure of 0 percent, 5 percent, 10 percent and 15 percent. Key sectors expected to benefit include textiles, engineering, pharmaceuticals and information technology, with the policy designed to lower production costs and attract businesses. 'The National Tariff Policy 2025-30 is designed to create a predictable, transparent and investment-friendly tariff structure,' said Rana Ihsaan Afzal, Coordinator to the Prime Minister on Commerce, at the conference. 'By facilitating duty-free access to raw materials, phasing out ACDs and RDs and supporting nascent and green industries, this policy paves the way for innovation, employment generation and sustained economic growth.' Afzal said implementation will begin with tariff reductions on approximately 7,000 tariff lines, mainly raw materials and intermediate goods, expected to deliver an estimated Rs200 billion ($700 million) in benefits to trade and industry. 'These reforms will enable Pakistan's industries to scale, compete globally and shift toward higher value-added exports,' he added. 'With these changes, we anticipate not just stronger GDP growth, but also increased employment, improved industrial productivity and enhanced investor confidence.' According to an official statement issued by the BoI, the participants lauded the government's efforts to streamline regulation and modernize trade facilitation, calling the draft policy a significant step toward Pakistan's long-term economic transformation.
