KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Mian Anjum Nisar has noted that structural reforms can revive Pakistan’s economic growth with a major focus on incentives for oversees Pakistanis workers and industrialization.
He remarked that overseas Pakistanis can invest in the housing sector, agriculture, transportation and various other industries, which have huge potential. The government has badly failed to attract foreign investment because the persisting process of approval for projects discourages the investors, he added.
The FPCCI president requested the bureaucracy to mold simple procedures by revisiting the existing processes so that investors could be facilitated, calling further for continuation and consistency in long-term policies once they are announced, as changes and revisions hurt the industrialists’ plan of production and purchases and booking of orders, which is made according to the policy announcement.
Mian Anjum Nisar observed that the country has been unable to achieve its full export potential and product diversification owing to limited access to raw-material, and to this effect, the application procedures for temporary import schemes should be simplified so that exporters are able to achieve price competitiveness and product diversification.
Calling for the lowering of import duty on smuggling prone items, Anjum Nisar urged for increasing the share of direct taxes in revenue and decreasing the slab of indirect taxes to achieve key economic targets set for the year 2020-21.
He added that both the exports as well as the local industries should be facilitated, with rules, regulations and procedures for industrial sectors easy enough to enable them to play due role in the economic stability of the country.
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