Govt ponders over setting up Business Advisory Council, says Asad Umar

ISLAMABAD: Federal Minister for Finance and Revenue, Asad Umar on Tuesday said the government was holding consultation for setting up the Business Advisory Council to establish a liaison between government and business community to make Pakistan the regional hub for investors.
Speaking to a delegation of Overseas Investors Chamber of Commerce & Industry (OICCI) led by President Irfan Wahab Khan who called on him here, Asad Umar said a latest technology in tax system would also be introduced to reduce hassle and bring in more transparency to the system.
The delegation greeted the Finance Minister on taking charge of his new responsibilities.
The Minister welcomed the delegation and acknowledged the importance of the corporate sector in the development of Pakistan.
Irfan Wahab Khan apprised the Minister that OICCI wanted to share their vision of future development of the country and how the overseas investors could become the drivers of change in the journey. The delegation shared its ideas and proposals to build the investors’ confidence both local and foreign for bringing in more investment to Pakistan.
Asad Umar appreciated the efforts of the OICCI in assisting the government in matters of policy formulation that could help attract further investment.
He said that the Government is firm on its commitment to address the key structural issues of Pakistan’s economy.
The minister also said that the government wanted to address the issues of twin deficits on a long-term basis and he believed that the key to the problem lies in promoting manufacturing industry and creating jobs for the youth of the country and this is the area where Overseas Chamber could assist and lead the way.
He said that the government would soon introduce necessary changes in the Finance Act 2018 to make it more relevant to the current economic state of the country and reflective of the progressive vision of the new government.
The minister also assured the delegation of his all possible support in improving business environment in the country.