Mr M Badar Haroon, Acting Chairman of Pakistan Coating Association (PCA), met yesterday with Federal Minister for Industries & Production, Makhdoom Syed Murtaza Mahmud, at the FPCCI office in Islamabad. President FPCCI Mr Irfan Iqbal Sheikh chaired the meeting. In the forum, there was a detailed discussion on SMEs. It was proposed to extend the 5-year tax holiday to all Small and Medium Enterprises (SMEs ) instead of just agro -SMEs. The minister was apprised of the importance of SMEs as they are the backbone of any national economy. Before the meeting got some time to interact with the President and address different topics connected to the budget, LCs opening, and other challenges that the business community encounters occasionally.

The Chairman informed that the PCA’s proposal in the Federal Budget 2023-24 regarding the threshold for industries/businesses classified as SMEs have been raised to PKR 80 million in the Budget. Concerning opening LCs, the Chairman stated that only sectors that still need to complete adequate agreements experience difficulties opening LCs and clearance. In contrast, importers who completed formal agreements face no problems from SBP.

The Chairman PCA stated that the President of FPCCI offered the services of the FPCCI R&D Department to all member organisations. Overall, it was a fruitful discussion, with the optimism that the country would soon emerge from its economic crisis and enterprises will be back on track.