Government’s Bankruptcy Law Aids Businesses and Industries

The government is pushing out a bankruptcy law to help struggling businesses get back on their feet, particularly in the industrial sector. Haroon Akhtar Khan, Special Assistant to the Prime Minister for Industries and Production, shared the details at a Lahore Chamber of Commerce and Industry (LCCI) session, stressing that business confidence is key to economic growth.

The government will make decisions together with the Chambers of Commerce. Khan didn’t hold back on red tape either, pointing out that dealing with 29 departments is a nightmare for businesses. He reminded everyone that both PM Shehbaz Sharif and Deputy PM Ishaq Dar were once LCCI leaders, meaning government-business ties run deep.

He acknowledged economic wins including markup rates dropping from 22% to 12% and a thriving stock market, but stressed that real progress means pushing GDP and industry forward. Apparently lower power rates and encouraging overseas Pakistanis to reinvest $30 billion is on the agenda.

Meanwhile, LCCI President Mian Abuzar Shad flagged rising business costs and pushed for cheaper industrial land and a single-digit policy rate. While others at the meeting called for export councils, new Special Economic Zones (SEZs), and better industrial infrastructure.