Pakistani chambers praise government’s business-friendly policies

ISLAMABAD: Pakistan’s all major chambers of commerce and industry have expressed full confidence in the government’s business-friendly policies and measures taken for the ease of doing business and agree for consultative process for the formulation of a strategy to increase tax revenue, a statement said on Friday.

The presidents of the country’s major chambers of commerce met Prime Minister Imran Khan in Islamabad and assured him of their full support.

The meeting is part of a series initiated by the Ministry of Commerce to exchange ideas and raise awareness on government policies between the government and the business community, it said.

The Federation of Pakistan Chambers of Commerce and Industry president, as well as presidents and vice presidents of Chambers of Commerce of Karachi, Lahore, Peshawar/KP, Quetta, Gujranwala, Sialkot, Faisalabad, Gujarat, Multan, Sargodha, Gwadar, Islamabad and Rawalpindi were present on the occasion.

Federal ministers Hammad Azhar, Makhdoom Khusro Bakhtyar, Adviser on Commerce and Investment Abdul Razak Dawood, Special Assistant Dr Shahbaz Gill, State Bank of Pakistan Governor Dr Reza Baqir and other officials also attended the meeting.

Finance Minister Shaukat Tarin participated in the meeting via a video-link.

The participants praised the prime minister and his economic team for the successful economic policies in the country, despite the Covid-19 outbreak, which has led to a GDP growth of around 4 per cent, a 15 per cent increase in the large-scale manufacturing.

They also commended the State Bank for providing facilities to the export industry, incentives for medium and small scale industries, including machinery loans and for taking them along to Uzbekistan to benefit from its trade potential.

They also congratulated the prime minister for an increase in the tax revenue, exports and remittances.

In addition, the participants also appreciated the initiative of the government to listen to the suggestions of the business community, directly, for the first time in the history to resolve their problems.

Moreover, the gap between the government and the business community was also mentioned during the meeting.

Further, the participants also said the business community is ready to pay taxes and will collaborate with the government to reform the tax system.

Stressing on the importance of industrial development to strengthen the country’s economy, Prime Minister Imran Khan said that the government is facilitating industries to increase exports, which would not only reduce the trade deficit, but also increase the foreign exchange reserves in the country and generate employment opportunities.

The reforms are underway to improve the tax system, consultation with all the stakeholders will be beneficial for the process, he added.

The prime minister directed the federal ministers to hold regular meetings to keep in touch with the stakeholders and listen to their suggestions and issues.

Further, the premier said a strategy for the development of the tourism industry, a comprehensive agricultural plan for the development of the agriculture sector and incentives are being provided to the industries.

The present government, after providing facilities to the industrialists and the business community, is now focusing on the efforts to resolve their problems through consultation, he added.

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