Govt working for private sector development: official

KARACHI: The government is working to provide a better business environment to the private sector of the country, an official said on Thursday.

Board of Investment (BOI) chairman and Minister of State Mohammad Azfar Ahsan while speaking at the two-day fifth “The Future Summit, said that the government wants the business community to expand its business and create more opportunities, adding that the role of business community in economic development is very important.

The government is working to form special courts that will solve corporate disputes, while striving to remove the hurdles present in starting new businesses in the private sector.

To provide easy and affordable financing to the Small and Medium Enterprises (SMEs) is the government’s priority, Ahsan said, adding that to improve the investment environment and pave the way for foreign investment in the country, the government is introducing reforms in the BOI.

The BOI has approved the forming of 22 special economic zones (SEZs), adding that the private sector creates jobs and contributes to taxes revenues. In the developed countries, the private sector creates 90 per cent of all the jobs.

The prime minister has started the Pakistan regulatory modernisation initiative to improve the regulatory environment in the country, Ahsan said.