
Government to introduce bankruptcy law
Special Assistant to the Prime Minister for Industries and Production, Haroon Akhtar Khan, has said the government is introducing a bankruptcy law to facilitate businesses, adding that reviving sick industrial units is a top priority.
Speaking at a meeting at the Lahore Chamber of Commerce and Industry (LCCI), Khan stated that take action against the business community without consulting the Chambers of Commerce, as restoring business confidence is crucial for economic growth. He stressed that the business community must be given the freedom to contribute to national development through industrialisation and investment. LCCI President Mian Abuzar Shad, Vice President Shahid Nazir Chaudhry, former President Muhammad Ali Mian, and former Senior Vice President Ali Hassam Asghar also addressed the gathering, with executive committee members present.
He pointed out excessive bureaucratic hurdles, noting that 29 departments are involved in regulatory processes, making it difficult for industries to operate efficiently. He highlighted that both Prime Minister Shehbaz Sharif and Deputy Prime Minister Muhammad Ishaq Dar had previously served as LCCI Presidents, strengthening the government's ties with the business community.
Recalling past economic successes, Khan said that during Nawaz Sharif's tenure as prime minister in 1993, Indian Prime Minister Manmohan Singh had praised Pakistan's economic reforms. He stressed the need for similar policies and stressed policy continuity, citing China's sustained development through consistent economic strategies.
He noted that the markup rate had declined from 22% to 12% and that the stock market was reaching new highs. However, he stressed the need for greater focus on GDP growth and industrialisation. While acknowledging Pakistan's continued engagement with the IMF, he praised the prime minister's success in reducing power rates and expressed optimism that the markup rate would decrease further.
He further stated that investors seek safe havens and that PM Sharif is keen to encourage local investors while attracting foreign investments. He proposed an incentive scheme for overseas Pakistanis to repatriate their declared assets worth approximately $30 billion.
The LCCI president described recent meetings with the PM as highly productive. He raised concerns about rising business costs due to increasing gas, electricity, and petrol prices. He stressed the need to bring the policy rate into the single-digit range and pointed out that industrial estate land prices, reaching Rs500 million per acre, were hindering expansion.
He proposed complete vehicle assembly in Pakistan and local raw material industry development with minimal duties. He called for establishing Export Promotion Sectoral Councils, new Special Economic Zones (SEZs), and a 20-year Industrial Master Plan.
LCCI Vice President Shahid Nazir Chaudhry urged the regularisation of industrial clusters and infrastructure development in Quaid-e-Azam Business Park. Former President Muhammad Ali Mian emphasised incorporating LCCI budget proposals into the federal budget, while former Senior Vice President Ali Hassam Asghar highlighted the rice sector's export potential.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Express Tribune
2 hours ago
- Express Tribune
World's largest power project stirs anxieties
Listen to article China has broken ground on what it says will be the world's largest hydropower project, a $170 billion feat capable of generating enough electricity each year to power Britain. The scheme dwarfs the mighty Three Gorges Dam, currently the world's largest, and Chinese construction and engineering stocks surged after Premier Li Qiang unveiled it on the weekend. For Beijing, the project promises clean power, jobs and a jolt of stimulus for a slowing economy. For neighbours downstream, it stirs old anxieties about water security: the Yarlung?Zangbo becomes the Brahmaputra in India and Bangladesh, a lifeline for millions. What exactly did China approve? The plan involves five dams along a 50?km stretch where the river plunges 2,000 metres off the Tibetan Plateau. First power is expected to be generated in the early?to?mid 2030s, but beyond that and the price tag, China has published little information about how it intends to build the project. Why are neighbours concerned? That lack of information is compounding fears about water security in India and Bangladesh, which rely on the Brahmaputra for irrigation, hydropower and drinking water. The chief minister of Arunachal Pradesh, which borders China, said earlier this year that the dam could dry out 80% of the river passing through the Indian state while potentially inundating downstream areas such as neighbouring Assam state. In addition to water, the dam will also mean less sediment flowing downstream, according to Michael Steckler, a professor at Columbia University. That sediment carries nutrients essential for agriculture on floodplains downstream. India and China fought a border war in this region in the 1960s, and the lack of transparency from Beijing has helped fuel speculation it might use the dam to cut off water in another conflict, according to Sayanangshu Modak, an expert on the India-China water relationship at the University of Arizona. "The construction of the Yarlung Zangbo hydropower project is a matter within the scope of China's sovereign affairs," Beijing's foreign ministry said on Tuesday, adding the dam would provide clean energy and prevent flooding. "China has also conducted necessary communication with downstream countries regarding hydrological information, flood control, and disaster mitigation cooperation related to the Yarlung Zangbo project," the ministry said. India's foreign and water ministries did not respond to requests for comment. India's take But the impact of the dam on downstream flows has been overstated, in part because the bulk of the water that enters the Brahmaputra is from monsoon rainfall south of the Himalayas, and not from China, said Modak. He added that China's plans are for a "run of the river" hydropower project, which means the water will flow normally along the usual course of the Brahmaputra. India itself has proposed two dams on the Siang river, its name for the Yarlung Zangbo. One, an 11.5-gigawatt project in Arunachal Pradesh, will be India's largest if it goes ahead. Those have been proposed, in part, to assert India's claims on the river and bolster its case should China ever seek to divert the water, Modak added. "If India can show that it has been using the waters, then China cannot unilaterally divert," he said. Controversy is common Quarrels over dams and water security are not new. Pakistan has accused India of weaponising shared water supplies in the disputed Kashmir region after New Delhi suspended its participation in the Indus Waters Treaty, which regulates water sharing between the neighbours. In Egypt, a senior politician was once caught on camera proposing to bomb a controversial Nile river dam planned by Ethiopia during a long-running dispute over the project. Earthquake, extreme weather risk The dam will be built in an earthquake zone also prone to landslides, glacial?lake floods and storms. A spree of dam building in the area sparked concerns from experts about safety following a devastating earthquake in Tibet earlier this year. A much smaller hydropower project on a nearby tributary has been limited to four?month construction windows because of engineering challenges in high altitudes and vicious winters.


Business Recorder
3 hours ago
- Business Recorder
Muted open for rupee despite Asia cheer on US-Japan trade pact
MUMBAI: The Indian rupee is expected to open largely unchanged on Wednesday, shrugging off the modest boost to its Asian peers after a U.S.-Japan trade deal fuelled hopes that Washington may strike similar agreements with other countries. The 1-month non-deliverable forward indicated the rupee will open in the 86.35-86.38 range versus the U.S. dollar, compared with 86.3675 on Tuesday. The rupee will 'receive mild help' at open on account of Asia, a currency trader at a Mumbai-based bank said. 'However, dips (on USD/INR) have been bought into quickly and the odds favour a repeat of that,' he said, adding, 'I will definitely not be looking to sell USD/INR currently.' On Tuesday, the rupee briefly recovered to 86.22 before slipping to a one-month low of 86.4125 on likely outflows and hedging. The currency has declined in seven of the last eight sessions, dropping 0.7% so far this month. Shares in Tokyo jumped and U.S. equity futures rose after U.S. President Donald Trump announced a trade deal with Japan, lowering proposed tariffs on Japanese imports to 15% from 25%. The agreement lifted the yen and other Asian currencies. The U.S.-Japan deal comes just days ahead of the August 1 deadline set by Trump for finalising trade agreements or face steep tariffs. The scheduled rollout of the reciprocal tariff on 1 August 'looms large', MUFG Bank said in a note. 'In the absence of new US trade deals, there's a risk that tariff levels could revert to the steeper rates announced during Liberation Day in April. This uncertainty is weighing on the U.S. dollar.' On Tuesday, Trump announced a new 19% tariff on goods from the Philippines, just below the 20% rate he had previously threatened to impose. India, meanwhile, has yet to reach a trade agreement with the United States and the prospects of an interim trade deal before the August 1 deadline have dimmed.


Express Tribune
3 hours ago
- Express Tribune
4 terrorists neutralised in Kalat
Listen to article Security forces neutralised four Indian-proxy terrorists during a deliberate sanitisation operation in the Kalat district of Balochistan, and two terrorists in North Waziristan district of Khyber-Pakhtunkhwa (K-P), who were trying to target an important national installations there. The sanitisation operation in Kalat was carried out on Monday, following an intelligence-based operation (IBO) on July 19 "during which 4 terrorists belonging to Indian proxy, Fitna al Hindustan were sent to hell", the military said. 'On 21 July 2025, a deliberate sanitization operation was conducted in the surrounding areas,' said a news release issued by Inter-Services Public Relations (ISPR). 'During the conduct of the operation, four more terrorists of Fitna al Hindustan were hunted down and successfully neutralized,' it added. 'Terrorist hideout was also busted and a large quantity of weapons, ammunition and explosives was recovered. Security Forces of Pakistan, in step with the nation, remain determined to thwart attempts by Indian proxies at sabotaging peace, stability and progress of Balochistan.' In North Waziristan district, meanwhile, security forces killed two terrorists, belonging to the Haider Group of the banned Tehreek-e-Taliban Pakistan (TTP), on Shahbaz Top in the Mir Ali area and foiled an attempt to target important national installations. The dead terrorists were identified commander Zainullah alias 'Lambay' and his associate Abu Saeed. The forces also recovered smartphones and cash from the possession of the dead terrorists, according to sources. President Asif Zardari and Prime Minister Shehbaz Sharif commended the security forces for eliminating eight terrorists of Fitna al Hindustan in Kalat. In their separate statements, they reiterated the resolve that the security forces would continue their operations till complete eradication of terrorism. The president said that the security forces took out the enemies of the country with display of bravery and professional capacity, adding that the nation was standing with its brave forces in the fight against terrorism. 'The terrorists want to sabotage the peace and stability in the country which can never be allowed as the nation is united and the scourge of terrorism will be defeated at all costs,' Zardari said, according to a press release issued by the President Secretariat Media Wing. The prime minister appreciated the security forces for eliminating eight terrorists during two-day operation in Kalat. He reaffirmed that nefarious designs of terrorists, who were inflicting harm upon the lives and properties of the innocent civilians, would be foiled. 'The elements of Fitna al-Hindustan, who are enemies of the country's solidarity, will be rooted out,' Shehbaz was quoted in a press release by the Prime Minister Office Media Wing. He added that the government and the security forces were committed to eliminate of terrorism from the country. (WITH INPUTS FROM OUR DERA ISMAIL KHAN CORRESPONDENT AND AGENCIES)