*Overseas Investors Call on PM Imran Khan
Presently, the Prime Minister Imran Khan said that it was their priority to facilitate business community in Pakistan and the government is committed towards bringing more ease in doing business. Sources recorded that a delegation of Overseas Investors Chamber of Commerce and Industry (OICCI) presently called on the Prime Minister Imran Khan, where the former applauded the government’s initiative for bringing improvement in Pakistan. The meeting was also attended by Adviser on Finance and Revenue Abdul Hafeez Shaikh, Adviser on Commerce and Industry Abdul Razak Dawood, Governor State Bank of Pakistan (SBP) Reza Baqir and others. Briefing the meeting, the overseas investors’ President Shahzad Dada said that the chamber consists of 200 companies that cover 35 countries across the globe. These companies are alone involved in US$600 million exports from the country, he said adding that it could additional be increased to US$2 billion using the potential.
The OICCI managing committee also gave its suggestions for improvement in the economy. The Premier also directed the adviser on commerce to take into consideration recommendations from the OICCI and resolve the issues faced by them on priority basis. We want to implement strategies with the consultation of business community, he said and added that they want to launch business-friendly environment. Prime Minister Imran Khan stated that the businessmen to take opportunity from the present strategies aimed at improving economic activity in Pakistan. On February 11, a delegation of the American Business Council called on Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh at the Ministry of Finance. During the meeting, the adviser noted that the government strategies and measures aimed at facilitating the business and investment climate in the country with a focus on the ease of doing business which had been acknowledged through the World Bank also.
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He said that the government of Pakistan would take all possible measures to facilitate the businesses and offer them with a level-playing field as the government hoped in investment and export-led growth which was more durable and sustainable. It is also important to note that the Asian Development Bank (ADB) stated in its report that the virus outbreak could cost the Pakistan economy in the range of $16.387 million to $4.95 billion, or 0.01 percent to 1.57 percent of Gross Domestic Product (GDP). United Nations (UN) estimates international tourism to drop 3 percent due to virus resulting a loss up to $50 billion globally, is another bad news for the government which is committed to increase tourism exports. Prime Minister Imran Khan recently advised the related departments to control inflation, ease out interest rates and to encourage business activities by focusing on ease of doing business. Pakistan’s 8 months balance of Trade i.e. July to February 2019 – 2020 (8MFY20) has improved by 26 percent from $21.46 billion in 8MFY19 to $15.77 billion as reported by Pakistan Bureau of Statistics (PBS). Exports recorded a growth of 3.65 percent during the period i.e. increased from $15.1 billion to $15.65 billion whereas imports declined 14.06 percent i.e. from $36.56 billion to $31.42 billion during the period under discussion.
Pakistan’s BoT improved 14.61 percent i.e. from $2.26 billion to $1.93 billion in the month of February. PM stated that Pakistan is moving on the road to development where stable rupee, 73 percent decrease in CAD, growing exports and accelerated development spending leading the country to right direction. Despite of virus fear, government is determined to increase business activities in the country. For said reason PM ordered relevant departments to put all efforts for ease of doing business in the country. In this regard Mr Asad Umer is given task to speed up establishment of Special Economic Zones (SEZs) and related laws to facilitate business community with favourable environment to generate more economic activity in the country. Resultantly, 7 SEZs to be established in Balochistan, Sindh, Khyber Pakhtunkhwa and Punjab provinces. The meeting was told that after approval of law for the SEZs in 2012, only seven economic zones were set up in the country till 2018, while the present government had notified six new economic zones in one year (2019).