July 30, 2021: All major Chambers of Commerce of Pakistan expressed full confidence in the Government's business-friendly policies and measures taken for Ease of Doing Business and agree for consultative process for the formulation of a strategy to increase tax revenue.
Presidents of the country's major chambers of commerce met Prime Minister Imran Khan in Islamabad.
The meeting is part of a series initiated by the Ministry of Commerce to exchange ideas and raise awareness on government policies between government and business community.
The meeting was attended by the President of Federation of Pakistan Chambers of Commerce and Industry as well as Presidents and Vice Presidents of Chambers of Commerce of Karachi, Lahore, Peshawar/KPK, Quetta, Gujranwala, Sialkot, Faisalabad, Gujarat, Multan, Sargodha, Gwadar, Islamabad and Rawalpindi.
Federal Ministers Hamad Azhar, Makhdoom Khusro Bakhtiar, Advisor on Commerce and Investment Abdul Razzaq Dawood, Special Assistant Dr. Shahbaz Gill, Governor State Bank of Pakistan Dr. Raza Baqir and concerned officials also attended the meeting. Finance Minister Shaukat Fayyaz Tareen's participated via video link.
The participants praised Prime Minister and his economic team for the successful economic policies in the country, despite the COVID-19 outbreak, which has led to a GDP growth of about 4%, a 15% increase in large scale manufacturing, commended SBP for providing facilities to the export industry, incentives for medium and small-scale industries (including machinery loans) and for taking along to Uzbekistan business community to benefit from Uzbekistan's trade potential. They also congratulated the Prime Minister on the increase in tax revenue, exports and remittances.
In addition, the participants appreciated the initiative of the incumbent government to listen to the suggestions of the business community, directly, for the first time in the history to solve their problems. Moreover, the gap between government and the business community, as there has been no such initiative in the past, was also mentioned, which created obstacles in the way of business in the country.
Further, the participants in the meeting also expressed that the business community is ready to pay taxes and will collaborate with the government to reform the tax system.
Stressing on the importance of industrial development to strengthen the country's economy, Prime Minister said that government is facilitating industries to increase exports, which would not only reduce the trade deficit, but also increase foreign exchange reserves in the country and generate employment opportunities. He further said that reforms are underway to improve the tax system, consultation in this lieu with all stakeholders will be beneficial for the process. The Prime Minister directed the Federal Ministers to hold regular meetings to keep in touch with the stakeholders and listen to their suggestions and issues.
Furthermore, the Prime Minister said that a strategy for the development of the tourism industry, a comprehensive agricultural plan for the development of agriculture sector and incentives are being provided to the industries. The present government, after providing facilities to the industrialists and the business community, is now focusing on efforts to solve problems through consultation.