ISLAMABAD: The Ministry of Commerce has distributed Rs 13.3 million to support new investment in various industries on priority bases during the current fiscal year.
The industries which are given priority include fans, home appliances, rice, cutlery, sports goods, leather, pharmaceutical, fisheries, meat, fruits, vegetables, dates, olives and guar gum. An amount of Rs 5 billion was allocated by the government in the Finance Bill for the fiscal year 2017-18 for the scheme.
Sources at the Commerce Ministry told Customs Today that an amount of Rs 500 million was released by State Bank of Pakistan for export development initiatives which were announced to support the above priority sectors for technology up-gradation, product development, agro processing and branding and certification. Technology Up-gradation was announced under strategic Trade Policy Framework 2015-18,
The sources said that 20% investment support up to a maximum of Rs 1million per annum per company was made available for import of new plant and machinery. 50% of markup support on up-gradation of technology was provided for import of new machinery/plant, subject to a maximum of Rs 1 million per annum per company for import of new plant and machinery.
The sources said that SBP surrendered the rest of the amount to the commerce ministry in Fiscal Year 2016-17 and scheme wise allocation was further being allocated in consultation with State Bank of Pakistan. “An amount of Rs 100 million was allocated for this scheme in FY year 2016-17,” the sources said, adding that as per report not a single claim under this scheme is received so far. The amount was surrendered due to non-receipt of any claim.
