KARACHI: Advisor to the Prime Minister on Commerce, Industries and Investment Abdul Razak Dawood has said that business-friendly vision of the present government will make Pakistan an irresistible destination not only for local businesses but for the foreign investments.
This he said in a meeting with a delegation of Healthcare Devices Association of Pakistan (HDAP) on Saturday.
The delegation, led by HDAP Chairman Shakeel Ahmed Sheikh, apprised the advisor about the impediments in the import of healthcare devices, including the high rate of import duty and other taxes. They also requested that payment system for small consignments of healthcare devices should be simplified.
The advisor asked the delegation to invest in manufacturing of the healthcare devices and assured the support of the government.
The advisor assured that the duty structure on healthcare devices would be reviewed and that it would be made more business friendly.
He said the Ministry of Commerce would be asked to improve the payments mechanism.
Dear Respected Sir,
I dont have any medium to reach you beside these portals. I would just place some recommendations as being foreign investor that you people are running after illusion.
Just make these (2) points agenda.
1 – Focus on facilitating local manufacturers to curb and replace imports. Initially, Facilitate Modernisation and protectionism of local already establsihed industries.
2 – Foreign direct investments would never pour in until and unless Foreign investors dont see positive annual returns of local industries. If there is positive outcome of already local industries and they are not able to meet local demand then only foreign direct investments would pour in. I would suggest that even forget about foreign direct investments; Pakistanis are already hoarding alot of foreign exchange investments abroad and locally in terms of deriatives; soft gold and forex bonds, properties and hard cash. If you are sincere bring out such policies and facilities that they are encourage to invest more in economic circle. It would help in generating more employment and wealth generation in comparison to their already existing investments abroad. No opportunities No Investment. 6 months have been passed but no results. Only foreign reserves are depleting. All the balance of payments account payments being received have to be returned with interest. The nation has to absorb these costs. Please kindly make sure businessmen and industrialists are encouraged not harrassed by self determined authorities. It would just worsen the net positions in loss in form of flight of capitals in search of safe heaven. Till now only false promises are being made and if the situation remains same then pls prepare yourself to accept tough conditions of IMF including further devaluation of PKR which result in further increase of inflation and unemployment. Last but not least please also control your border check points to curb smuggling which is another major reason for loss of revenue to national ex-chequer. Smuggling is also on rise which can be seen as despite implementing several regulatory duties and taxes imported luxurious goods can still be found in abundance without any shortages. The more taxes are implemented they find their smuggling routes more vulnerable as smugglers have more margins to bribe. So, please kindly take strict measures to curb smuggling as it would also help you to support already suffering local industry.
These were some major points to be outlined.
I have done my job suggesting some strong measures to be taken strictly. Otherwise its all your choice.
Countries cant be run on aid, balance of payments (foreign loans) and IMF support. If you are in the government then please kindly govern ethically otherwise those running the governments previously were much more capable.
Thankd & Regards
Barkat Ali
Fake promises are the hallmark of this government. I Know is a master of con.