Pakistan to be brought in top 100 countries for ease of doing business, PTI government takes important steps

Pakistan to be brought in top 100 countries for ease of doing business, PTI government takes important steps

ISLAMABAD - The government plans to establish dedicated Ease of Doing Business centers in the federal capital and the four provinces in the next three months to fully facilitate the entrepreneurs to make investments in the country.

Adviser on Commerce Abdul Razak Dawood and Chairman Board of Investment (BOI) Haroon Sharif were addressing a news conference in Islamabad on Wednesday.

Abdul Razak Dawood said our efforts are focused on improving the ranking of the country in terms of doing business. He said Pakistan is currently ranked 136 among 190 economies in the ease of doing business and the prime minister has given them the target to improve it to one hundred in the current year.

The Adviser said we are bringing a promissory note for the exporters in order to address their liquidity issue. He said our effort is that in future the tax refunds do not pile up.

Abdul Razak Dawood said the process of industrialization has been started in the country which will create immense job opportunities for the youth.

Dilating upon the steps being taken to facilitate the businessmen, the Chairman Board of Investment Haroon Sharif said we are issuing business visa in twenty four hours now. He said the businessmen can now apply visa online without going to Pakistan's embassy. He said initially this scheme has been launched for four countries and later it will be expanded to sixty countries.

He said tax payment procedures for businesses are being simplified and the number of taxes has been reduced to sixteen from forty seven. He said businessmen can pay the taxes online. He said laws will also be framed to ensure that the businesses have easy access to banking credit.

The Chairman Board of Investment said a single window solution has been introduced for the businessmen. He said Punjab government has also introduced a single portal that will facilitate the investors in registering their properties. He said the power sector and NEPRA have also been taken on board so that the businesses get the power connection in the minimum time.

The Chairman Board of Investment said under the tourism policy, there is no restricted area in the country and now investors can invest in Gilgit Baltistan, Azad Kashmir and Balochistan too.

Haroon Sharif said the regional countries including Saudi Arabia, United Arab Emirates and Malaysia are expressing great interest for investment in different sectors of the economy. He said Saudi Arabia is setting up an oil refinery in Gwadar while PARCO is also planning to set up a similar facility. He said these countries have also expressed interest in hoteling, resorts and the food processing units.

Haroon Sharif said Pakistan is emerging as a hub of regional connectivity and that is why many investors are pouring into the country. He said steps are also afoot to ensure speedy clearance of goods at borders.