ISLAMABAD: Adviser to Prime Minister’s for Commerce and Investment, Abdul Razak Dawood on Wednesday said the government would take exports to record levels by 2023 with providing a better business environment for the industrial sector in the country.
“Improving Pakistan’s Ease of Doing Business (EoDB) ranking will boost foreign investment in the country” he said.
“Pakistan’s rise in the last two years from 148 points to 108 points in the World Bank’s EoDB rankings report is a milestone in the growth of foreign investment in the country,” he said while addressing a launching ceremony of 7th Reform Action Plan organised by BOI here.
He said that one of our main areas is to work on improving the country’s ranking to provide a better business environment for foreign and local investment in the country. “Besides this the government is also committed to decrease the cost of doing business in the country.”
He said that the country has moved from de-industrialisation to industrial growth and now all industrial units are moving ahead in manufacturing, adding that the government has given more priority to exports and for this every possible facility will be provided to the industry to increase production.
The adviser said the government has prioritised bringing in Foreign Direct Investment (FDI) and wants to provide a better business environment to Small and Medium Enterprises (SMEs).
Dawood said that in the financial year 2019-20 (FY20), the country’s Information Technology (IT) exports increased by 47 per cent and textile value addition products by 23 per cent.
“At present, we are facing a lot of challenges at economy and trade fronts and State Bank of Pakistan (SBP) is confident to manage the Current Account Deficits (CAD) and fiscal deficit.
He said that the monetary and fiscal coordination committee is fully active to observe all issues related to the monetary and fiscal side.
Adviser said the government has followed the policy of tariff rationalisation to provide competitiveness to the local industry in the country and government has lowered the huge tariff lines and zero tariff duties on the raw material of potential industries.
Meanwhile, addressing the forum, BOI Federal Secretary Fareena Mazhar said the DB Report for 2021 and 2022 is likely to be announced by end December this year. “I am very much confident that Pakistan will improve its position further, adding that enabling a business environment plays a pivotal role in attracting domestic and foreign investment.
She said that all over the world, the emphasis is on improving the business climate. “An environment where new entrants with drive and innovative ideas can get started in business and where productive firms can invest, expand, and create new jobs,” she said.
The secretary said that EoDB ranking is instrumental to improve the size of the formal sector, to curb corruption through transparency and accountability whereas short improvements in the ranking reduces the time, cost and processes involved in starting and operating a business.
Fareena said that it is very encouraging to say that during the last two years company registrations have shown a 63 per cent growth and 99 per cent of these registrations were done online while 45 per cent applicants were issued registration certificates on the same day.
She said that for every DB cycle has an action plan containing more than 50 reforms actions across all 10 indicators is prepared in consultation with all relevant stakeholders. So far, Pakistan had implemented six reforms action plans and is now launching the 7th action plan.
She informed the 7th plan is mainly focusing on improvements in firm entry regulations, reliability of electricity, tax regulations, trade regulations, creditors’ rights, better property rights, and court efficiency etc and reforms in these areas play a major role in the process of economic development
