LAHORE: Punjab Planning and Development (P&D) Board Chairman Hamid Yaqub Sheikh said on Thursday that a high-tech testing lab is being set up to boost exports and reduce the cost of doing business in the province.
Talking to the members of the Lahore Chambers of Commerce and Industry (LCCI), Sheikh said that the Punjab government had also recently established commercial courts to resolve trade disputes expeditiously. “In addition, a simple lease policy is being introduced to reduce the cost of land.”
He said the government is focused on encouraging the development of IT parks, as there is no institution to solve the problems of the services sector, which makes 60pc of the Punjab’s economy.
“The focus of Punjab Growth Strategy 2023, which is being formulated in collaboration with the LCCI, is on regional equality and development of human capital,” the P&D chairman added.
He said the development of the province requires bridging the gap between the public and private sectors.
In his address, LCCI President Mian Tariq Misbah said, “The LCCI commends the important initiative of the P&D to review the Punjab Growth Strategy 2023 in consultation with the stakeholders. This step is very important as Punjab contributes about 54pc to the national economy and has 53pc of the country’s population.”
To facilitate businesses, he said, government policies need to be revised so that they can play a vital role in reviving the country’s economy in the post-covid-19 era.
Misbah also recommended ways to boost Punjab’s growth rate and improve its business and investment climate.
“According to the Punjab government’s annual budget, there are more than 100 provincial taxes. There is a great need to reduce the number of provincial taxes by consolidating most of them to make it easier for the business community,” he stated. “Secondly, SMEs in Punjab are not eligible to contribute much to exports. The biggest reason for this is that SMEs get only 6.4pc credit from the private sector. As a result, SMEs, especially in the engineering sector, are unable to increase their technical competitiveness and increase their exports. This issue needs special attention in the Punjab Growth Strategy.”
