Govt to introduce smart regulations to facilitate business, investment activities

March 11, 2019: Punjab Board of Investment and Trade Chairman Sardar Tanveer IIyas Khan Monday said Punjab government was working to smart regulations that would address the hindrances being faced by the private sector and facilitate in promotion of business and investment activities.

He said this while addressing the business community at Islamabad Chamber of Commerce and Industry (ICCI). 

He said One Window facility for investors would be setup in Punjab to provide them all required services at one place.

He said he was visiting various chambers of commerce and industry of Punjab to get the input of private sector on their major issues and based on their feedback.

The Punjab government would review policies to facilitate businessmen and investors. He said industry should focus on producing value added products to improve exports.

He said business community should cooperate in broadening the tax base of the country. 

Sardar Tanveer Ilyas Khan said many people had kept money in lockers that was not benefiting the economy and urged that such money should be brought into the formal economy to promote economic activities.

He said Punjab had 68,000 industrial units with 11 industrial zones and Punjab government was working to create more industrial zones, especially in remote areas to promote industrialization and jobs creation.

He said ICCI should send written proposals that would be given due consideration and assured to cooperate in addressing the highlighted issues of the business community.

Speaking on the occasion, ICCI President Ahmed Hassan Moughal said Punjab government should cooperate in establishing a new industrial zone for Islamabad that was badly needed to promote industrialization in the region.

He said Punjab government should offer attractive incentives to the investors of federal capital for joint ventures and investment in Special Economic Zones in Punjab under China Pakistan Economic Corridor.

He said the government should introduce licensing system for every business to promote formal economy.

He stressed the need for rationalizing gas and electricity tariffs, taxes and markup rates for addressing these issues on priority to facilitate business and investment activities.

He urged for reducing stamp duty for registration of property from existing 9 percent to 1 percent that would give boost to real estate industry and create plenty of new jobs.

ICCI Senior Vice President Rafat Farid and Vice President Iftikhar Anwar Sethi urged the government for making long term investment and economic policies that would facilitate private sector in long term business planning. 

They said consistency in policies was basic requirement to promote economic activities.

(APP)