PM vows reforms to ease business, boost investment

Prime Minister Shehbaz Sharif has said the government is taking steps to promote business activity, improve the ease of doing business and reduce costs for the private sector. He made the remarks during a meeting with a delegation of prominent industrialists and business leaders in Islamabad on Tuesday. The prime minister said reducing energy costs was among the government’s key priorities. He also said the recently established Trade Facilitation Board would be strengthened as an effective institution for promoting trade, adding that the government would welcome proposals from the business community to improve its performance. PM Shehbaz said the Special Investment Facilitation Council had provided investors and businesses with a one-window platform to facilitate investment and commercial activities. He said work was also underway on a regulatory guillotine aimed at eliminating unnecessary regulations, simplifying rules and reducing compliance costs. The prime minister highlighted progress in the digitisation of the Federal Board of Revenue, saying the tax authority had collected Rs800 billion through enforcement during the last financial year. He said the country’s macroeconomic situation had improved considerably as a result of the government’s economic measures. However, he stressed the need for further reforms at the microeconomic level to ensure that the benefits of economic improvement reached the people. PM Shehbaz also stressed skills development and said young people should be trained according to the needs of industry and the broader job market. He directed the relevant authorities to take immediate steps to resolve issues faced by the business community. He also ordered an examination of a proposal to extend the exemption from super tax to exporters. Focus on trade and transport infrastructure The delegation was briefed on measures to improve ports, transport infrastructure and trade facilities. Officials said port charges had been reduced and operational capacity improved. Work was also underway to upgrade Motorway M-10 and the Pipri Freight Corridor to improve connectivity between Karachi’s ports and other parts of the country. The meeting was further informed that construction of Motorway M-13 between Kharian and Rawalpindi would help reduce travel time between Lahore and Islamabad. The planned upgradation of Pakistan Railways was also expected to improve the movement of commercial goods. The delegation was told that Pakistan’s IT exports had reached a record level. The government is also providing training to one million people in information technology and artificial intelligence. Officials briefed the business leaders on measures to promote small and medium-sized enterprises and improve their access to financing. The business leaders welcomed improvements in macroeconomic stability and expressed confidence in the government’s economic reforms and policy measures. They appreciated initiatives including the Export Development Fund, timely payment of tax refunds and FBR digitisation. They also welcomed Pakistan’s successful $3 billion bond issuance, saying it reflected improving macroeconomic stability and growing investor confidence. The business leaders assured the government of their continued cooperation in promoting export-led economic growth. They also welcomed privatisation and deregulation measures and presented proposals to address sector-specific issues. The delegation also commended what it described as Pakistan’s constructive role in promoting regional peace under the leadership of PM Shehbaz, Deputy Prime Minister Ishaq Dar and Chief of Army Staff and Chief of Defence Forces Field Marshal Syed Asim Munir. The delegation included Mian Muhammad Mansha, Arif Habib, Saqib Shirazi, Atif Bajwa, Muhammad Ali Tabba, Musadik Zulqarnain, Umar Saeed, Samad Dawood, Ashraf Mookat, Shahid Soorti, Shehzad Asghar, Ziad Bashir, Shehzad Saleem, Asif Peer, Aamir Ibrahim, Javed Bilwani, Siddiq Bhatti, Fawad Anwar, Khurram Mukhtar and Yousaf Hussain.

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