LAHORE: Federal Minister for Industries and Production Rana Tanveer Hussain has identified the Federal Board of Revenue's (FBR) tax policies as obstacles to economic growth, emphasizing the government's commitment to economic revival through collaboration with the business community. Speaking at the Lahore Chamber of Commerce and Industry, the Minister praised Prime Minister Shahbaz Sharif's measures, which he credited with averting economic default and promoting recovery during the Prime Minister's recent tenure.

According to a statement by Lahore Chamber of Commerce and Industry, the Minister highlighted the importance of a "Charter of Economy" for sustainable progress and lauded the economic reforms initiated by the PML-N government. He noted that the review of agreements with Independent Power Producers has reduced electricity costs and projected further declines. The Minister also called for increased investment in research, development, and the exploration of emerging markets.

Rana Tanveer Hussain criticized the FBR's policies, describing them as barriers due to excessive taxation, and urged the business community to aim for higher export targets. He announced plans to lower land prices in Special Economic Zones and Export Processing Zones, and to develop these zones on Pakistan Steel Mills' land.

LCCI President Mian Abuzar Shad voiced concerns over energy costs and policy rates, advocating for a reduction to encourage investment. He proposed measures to address industrial land prices and emphasized the need for raw material availability and cascading tariffs. He also suggested establishing Export Promotion Sectoral Councils and creating new industrial zones.

The meeting featured insights from LCCI Vice President Shahid Nazir Chaudhry and former LCCI leaders, who raised additional concerns and proposals for industrial expansion and environmental compliance.