KARACHI: Mian Zahid Hussain, President of the Pakistan Businessmen and Intellectuals Forum and other key business positions, has expressed strong support for Haroon Akhtar Khan's appointment as Adviser to the Prime Minister on Industries and Production. Hussain views this appointment as a strategic move reflecting the government's commitment to stabilizing the industrial sector amidst ongoing economic challenges.

According to Pakistan Businessmen and Intellectuals Forum, the appointment of Mr. Khan, who previously served as Federal Minister for Revenue, is seen as a crucial step in addressing the structural issues plaguing the industrial sector. His past achievements, such as leading the Federal Board of Revenue to a peak tax-to-GDP ratio of 11.2 percent, underscore his capability to align tax policies with industrial incentives. This alignment is necessary to prevent local industries from being burdened by inconsistent regulations.

Mian Zahid Hussain highlighted the current growth in Large Scale Manufacturing Industries (LSMI), which showed a 6.48 percent increase in the current fiscal year. Significant growth was noted in sectors like automobiles and wearing apparel, yet other areas like mining and cotton continue to struggle. Despite a year-on-year increase in the Quantum Index Number (QIM), a month-on-month decline highlights the recovery's fragility.

Hussain urged the newly appointed Adviser to address urgent issues such as energy circular debt and the implementation of the National Industrial Policy. He emphasized the need to reduce business costs and enhance competitiveness through Industry 5.0 initiatives, including advanced manufacturing and electric vehicle battery production. Hussain expressed confidence in Khan's potential to foster a business-friendly environment that can elevate Pakistan's position as a regional manufacturing hub.