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Business Recorder
a day ago
- Business
- Business Recorder
Meeting discusses forming Pak-Russia JVs in pharma sector
ISLAMABAD: Pakistan and Russia, Wednesday, discussed and reviewed bilateral relations in industrial cooperation especially starting on joint ventures in pharmaceutical sector. In this connection a meeting was held here under the chairmanship of Special Assistant to the Prime Minister (SAPM) on Industries and Production, Haroon Akhtar Khan, on insulin imports from Russia and joint ventures. The meeting was attended by Denis Nazarov, Representative of the Russian government, senior officials from the Ministry of Industries and Production, Ministry of National Health Services, and the Drug Regulatory Authority of Pakistan (DRAP). Discussions focused on the import of insulin from Russia, progress on pharmaceutical joint ventures, and the development of protocols for policy board implementation. The meeting was informed that the DRAP had earlier granted registration to Genetics Pharmaceuticals, Lahore, for the import of insulin from Russian company Zavod Medsintez. The meeting also discussed the matters related to the application of Eli Lilly's for an increase in maximum retail price (MRP). The officials informed the meeting that if the DRAP is considering the application of the insulin manufacturer, then it will become costlier than the insulin of Novo Nordisk Pharma, another European insulin maker. SAPM Haroon Akhtar Khan emphasised that the establishment of a pharmaceutical joint venture between Pakistan and Russia marks a significant milestone in strengthening bilateral relations. He noted that Pakistan is a major consumer of insulin, and the regular supply of insulin from Russia could greatly benefit diabetic patients across the country. He stated that in line with government's vision, efforts are under way to initiate local manufacturing of insulin in Pakistan. A joint protocol between local manufacturers and Russian companies is expected to be finalised and presented soon. Haroon Akhtar Khan directed all stakeholders to develop a comprehensive proposal prior to its presentation in the federal cabinet. Copyright Business Recorder, 2025
Business Recorder
18-07-2025
- Business
- Business Recorder
Consensus reached on business community's demands, says ministry
The Ministry of Industries and Production announced on Friday that the government has reached a consensus with representatives of the business community on their charter of demands during a high-level meeting held at the Ministry of Finance. The meeting was chaired by Haroon Akhtar Khan, Special Assistant to the Prime Minister on Industries and Production, and co-chaired by Minister of State for Finance Bilal Azhar Kayani. Senior officials, including Chairman Federal Board of Revenue (FBR) Rashid Mahmood Langrial, Prime Minister's Coordinator Rana Ehsan Afzal, and FBR Member Operations Hamid Ateeq, also attended. According to the Ministry of Industries and Production, the meeting saw detailed deliberations on the demands put forward by the Chambers of Commerce and Industry from across the country. 'Proposals on each demand have been finalised with consensus and will be submitted to the Prime Minister for approval,' said Haroon Akhtar Khan. Representatives from the Chambers welcomed the government's initiative and appreciated the consultative approach adopted to resolve key concerns of the business community. The ministry said the meeting marks 'a significant step towards building a new era of cooperation and trust between the FBR and Pakistan's business community.' The development comes days after the government agreed to form a high-powered committee to address the business community's concerns over Section 37A of the Finance Act 2025, prompting traders to defer their planned nationwide strike for 30 days. The decision was made during a meeting chaired by Finance Minister Senator Muhammad Aurangzeb in Islamabad, attended by representatives of major chambers of commerce, trade bodies, and business associations, the Finance Ministry said in a statement. The minister assured the business community that the government intends to curb tax evasion, not to harass honest businesses.
Business Recorder
09-07-2025
- Business
- Business Recorder
Govt to import 500,000 metric tons of sugar
ISLAMABAD: The Deputy Prime Minister/Foreign Minister, Ishaq Dar, chaired a committee meeting to assess the sugar situation in the country and evaluate import requirements. The committee approved the import of up to 500,000 metric tons of sugar to ensure a stable supply and maintain affordable prices nationwide. Dar underscored the government's commitment to price stability and safeguarding consumer interests. The meeting was attended by the Minister for Food, SAPM Tariq Bajwa, the secretary Ministry of Food, senior officials from the Ministry of Industries and Production, and industry representatives. Copyright Business Recorder, 2025
Business Recorder
05-07-2025
- Business
- Business Recorder
10-year industrial policy finalised
ISLAMABAD: The government while accepting the longstanding demand of the industrial and business community has finalised 10-year long-term industrial policy after months of detailed discussions. The prime minister of Pakistan has tasked the Ministry of Industries and Production to discuss and review the current industrial policy, keeping in view that the share of industrial sector in GDP in 1996 was 26 percent which in 2025 has reduced to 18 percent. The Ministry of Industries and Production, following the prime minister's directives constituted eight different high-powered sub-committees to look into the matters of reshaping the industrial sector of the country, here on Friday presented the recommendations for the revival of industrial sector to the Special Assistant to the Prime Minister (SAPM) on Industries and Production Haroon Akhtar Khan during a high-level meeting. Long-term industrial policy on the anvil As per the policy recommendations of prime minister's constituted committees, the policy will remain valid for 10 years and the government along with other stakeholders after every 18 months will review the progress. The government will ensure improved credit to the small and medium enterprises (SMEs) and distressed segment. Special amendments in various laws will be made to create business-friendly environment and ensure the investors security as well as promoting localisation. The sick industrial units will be restored and banks will be encouraged to provide them loans. During the meeting, the committee members finalised the recommendations of eight specialised sub-committees. These proposals were reviewed in detail, marking the beginning of the implementation phase for the country's new industrial policy. Haroon Akhtar Khan highlighted that the contribution of the industrial sector to GDP has declined from 26 percent in 1996 to 18 percent in 2025, stressing the urgent need to revive the sector. He emphasised the importance of boosting exports and developing import substitutes to stabilise the economy. To address the challenges facing the industrial sector, eight sub-committees were constituted. Among their key proposals: The State Bank of Pakistan will issue guidelines for the revival of sick industries and resolution of debts. Amendments have been proposed to the Corporate Rehabilitation Act, 2018. Banks have been advised to use data forecasting tools to detect early signs of industrial sickness. Industrial unit classification has been determined in consultation with the Pakistan Banking Association. To incentivise manufacturing, a reduction in corporate tax from 29 percent to 26 percent over three years has been recommended. Amendments to the Securities and Exchange Commission of Pakistan (SECP) Act, the Anti-Money Laundering Act, and the Income Tax Ordinance have also been proposed. To ensure swift execution, SAPM Haroon Akhtar Khan has formed 10 new implementation sub-committees and instructed them to show tangible results within a week. He stated that the new industrial policy is comprehensive and has the potential to usher in an industrial revolution in Pakistan. Commending the committees for their exceptional performance in a short span, Khan added that the finalised recommendations have been presented to Prime Minister Shehbaz Sharif, who appreciated the effort. Copyright Business Recorder, 2025
Express Tribune
02-07-2025
- Business
- Express Tribune
Work on Rs7.404b KIP may start in September
Planning Minister Ahsan Iqbal on Wednesday directed evaluation of the updated PC1 Karachi Industrial Park project in the light of revised project scope and instructed stakeholders to prepare for groundbreaking ceremony scheduled for Sept 4. The minister chaired a meeting with officers from the Ministry of Industries and Production, Board of Investment and Pakistan Industrial Development Corporation to review the progress of the high-priority project, said a press release. The project is slated for completion within 15 months. The total project cost is estimated at Rs7.404 billion, to be financed over six quarters.
