Army Chief underscores $100bn investment potential in talks with business leaders

September 03, 2023 (MLN): Chief of Army Staff (COAS) General Asim highlighted the pivotal role of the Special Investment Facilitation Council (SIFC), emphasizing its potential to attract substantial investments of up to $100 billion from countries such as Saudi Arabia, the UAE, Kuwait, and others, during a meeting with LCCI President Kashif Anwar alongside prominent business figures on Sunday.

Army Chief General Asim Munir assured business leaders that the currency exchange will be brought under the tax net, promoting transparency in dollar exchange rates and interbank rates.

This will facilitate investment and unlock the potential for economic growth in Pakistan.

To strengthen economic decision-making, Chief Army revealed plans to establish task forces focused on economic affairs and various sectors.

Kashif Anwar recommended active participation of all chambers to include the business community's perspective in the task force's agenda.

He also proposed reducing income and sales tax rates on electricity bills, acknowledging the burden on the public and businesses.

Additionally, he introduced a practical approach to adjust fuel adjustment charges during the winter months to alleviate financial pressure on consumers when electricity consumption decreases.

Discussing the role of exchange rates in Pakistan's economic landscape, Kashif Anwar emphasized the importance of aligning State Bank's rates and the exchange rate for hawala channels, stating that harmonizing these rates would naturally channel remittances through the State Bank of Pakistan (SBP).

Kashif Anwar stressed the significance of productive and sustainable dialogue between the business community and relevant authorities.

He expressed concerns about the current reduction in response to recommendations from the business sector.

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