PFC sends budget proposals to ministries, FBR: Mian Kashif

LAHORE (APP): Pakistan Furniture Council (PFC) has presented a comprehensive set budget proposals for the upcoming fiscal year 2024-25 to Federal Board of Revenue, Ministries of Industry, Commerce, Economic Affairs, and Finance.

Chairing the council’s meeting here Sunday, PFC Chief Executive Officer Mian Kashif Ashfaq said the proposals reflected the PFC’s commitment to enhancing growth and ensuring competitiveness and sustainability within the Pakistani furniture sector, thereby contributing to the country’s economic development and global competitiveness.

He said proposals included the recognition of furniture sector with full-fledged industry status. This acknowledgment would provide the sector with access to various incentives and benefits aimed at fostering growth and sustainability.

He informed the meeting that export incentives feature prominently in the proposals, aiming to encourage furniture exports and boost the country’s foreign exchange earnings. These incentives could include tax rebates, subsidies, or other financial support mechanisms, he added.

Mian Kashif said, the PFC faces acute shortages of skilled workforce in the woodwork industry and to address this key issue, ‘we proposed initiatives for the training and development of skilled artisans, ensuring a competent workforce capable of meeting the demands of the industry for timely shipping of export orders.’

He said the PFC advocates for the provision of interest-free loans to furniture manufacturers, enabling them to invest in technology, expand production capacities, and enhance product quality.