Pakistani govt urged to fully tap business and trade potential from CPEC
Peshawar: The “1st National Network of Economic Think Tanks” has urged the Pakistani government to fully tap the business and trade potential from China-Pakistan Economic Corridor (CPEC) project and Pakistan-Afghan Transit trade by facilitating investors and business community.
The speakers in a meeting of “1st National Network of Economic Think Tanks” called for bridging gap between policy makers and stakeholders.
The think tanks from different sectors, were of the view that the government should facilitate investors and the business community in the wake of CPEC and Pakistan-Afghan Transit Trade projects to boost the national economy.
The meeting was organized by Sustainable Development Policy Institute (SDPI) a non-governmental organization here at Khyber Pakhtunkhwa Board of Investment and Trade (KP-BOIT) wherein all stakeholders including representatives of chamber of commerce and industries, academicians, government officials and media persons were present.
Addressing the meeting, Hassan Daud Butt, CEO KP-BOIT said that there should be consistency in economic policies, digitalization of the national economy and archiving structure for informed decisions.
He stressed that a research based economic policy should be implemented in the country and for the purpose universities and youth should be mobilized to do research from time to time and suggest the missing facilities and loopholes for the policy makers to play role in the decision making process.
Vice Chancellor University of Science and Technology, Bannu Dr Khizar ur Zaman called for setting priorities and developing linkages between universities and trade bodies to find new vistas of investment and trade.
He observed that CPEC and Afghan transit trade have opened new avenues of business and investment for Pakistan and foreign and local investors are keen to invest here.
He suggested that leadership of all stakeholders should have to sit together and find out ways and means about how to facilitate investor and business community.
Joint Executive Director Dr Vaqar Ahmed noted that this network brings together economic think tanks from all provinces of Pakistan with the single objective of discussing and brainstorming regulatory ease of doing business.
He maintained that for the first time federal and KP government have shown openness to discuss measures for ease of doing business which shows their seriousness to facilitate investors and entrepreneurs.
He emphasized that the idea of the meeting is to really discuss sub-provincial business reforms and steps to move forward with district-level or city-level business reforms strategies, adding that the last three years have seen a plethora of city level taxes, charges, levies, and other forms of payments which increase cost of doing business in KP.
He maintained that different districts of KP have different business potentials, some are being benefited from Afghan transit trade, some have vast potential accruing from mines and minerals and some are ready for livestock revolution.
But the real challenge is to facilitate the new investors and facilitate them in doing business without any difficult, he said and added that evidence informs that the certain barriers can be addressed by legislative, regulatory and policy actions.
Deputy Collector KP Revenue Department Fazal Amin Shah revealed that the government reduced the rate of different taxes in the province to facilitate the entrepreneurs and investors.
He told the participants of the meeting that during Covid-19 pandemic the KP government collected Rs 22 billion revenue which was ample proof business friendly policies.
He assured to convey the suggestions of the meeting to the government for incorporation in the decision making process and also assured consultation of the business community in the provincial budget.
Executive Member Peshawar Chamber of Small Traders and Industry Adnan Jalil warned that the energy crisis was adversely affecting the overall economic growth.
He suggested that industrialists should be given cheap plots in new industrial zones with all the facilities and youth should be encouraged to come forward and invest in new sectors.
Ex-Senior Vice President Sarhad Chamber of Commerce and Industry Haris Mufti proposed that the government should develop linkages among stakeholders and facilitate the investors and entrepreneurs.
He said that Khyber Pakhtunkhwa Economic Zones Development and Management Company (KPEZDMC) should focus on provision of facilities in already developed industrial areas instead of giving more attention to new industrial zones where no facilities are available.
He suggested that the business community should be educated about new taxes and banking channels and new policies from time to time.
