ISLAMABAD: Advisor to Prime Minister on Commerce, Textile, Industry andProduction Abdul Razzak Dawood said on Wednesday that the government wasworking rigorously on improving ‘ease of doing business’ in Pakistan inorder to place the country among the top 50 economies in the next fiveyears.
“Pakistan is currently ranked 136th in the ease of doing business index andthe government aims to bring it down within the top 100 in two years andamong top 50 countries in the next five years,” the advisor said whileaddressing a press conference along with Board of Investment ChairmanHaroon Sharif.
He said that ease of doing business was a major indicator to attractforeign direct investment and to revive the industrial sector.
“When the government had assumed the office, Pakistan was ranked at 147th.Owing to the government’s short-term measures, the ranking has improved by11 positions,” the advisor asserted. “Besides ease of doing business in thecountry, the government is working on simplifying the taxation system aswell as the visa regime. We are also formulating a strategy to link allinvestment hubs of the country under a one window facility.”
Speaking on the occasion, BOI Chairman Haroon Sharif said South Asia wasamong the fastest growing economies of the world and was an attractivedestination for investments, adding that enhancement in foreign investmentwas among the top priorities of the government.
He said that BOI, in close coordination with the provincial governments,was working towards simplifying the taxation system, as about 47 types ofmanual payments were involved in starting a business.
“One window facility was started by taking Federal Board of Revenue,Securities and Exchange Commission of Pakistan and provincial governmentson board,” he added.
Sharif said the business facilitation system was streamlined and procedureswere brought down to 16 from 47 by making all payments online, adding thatthe Pakistan embassies abroad were also asked to establish a special visadesk to facilitate the investors.
The BOI chief said that the government was working to improve cross bordertrade with China, Afghanistan and India in order to capitalise the tradeopportunities in the region.
In order to address the export credit issues, he said the government hadevolved a mechanism to pay back the returns, adding that one-third of therefunds would be paid in cash, whereas for the remaining amount, thegovernment would launch promissory bonds.
As for foreign investment, he said dedicated business units would beestablished in each province to facilitate businessmen, besides making easyaccess to credit.
He said that visa regime would also be improved for the businessmen andvisa would be issued within 24 hours. “Online visa facility with fourcountries has already been started and would be extended to 60 othercountries in the next phase. Restricted movements have also been abolished.”
The BOI head said that prime minister’s visits abroad had brought about apositive impact, as perceptions of the foreign investors about Pakistanhave changed. “Investors from Saudi Arabia, UAE, Malaysia, and China haveshown a keen interest to invest in different sectors of Pakistan’seconomy,” he concluded.