Islamabad: Prime Minister Shehbaz Sharif has announced that the government is implementing strategic measures to stimulate business activities and enhance the ease of doing business in Pakistan. During a meeting with a delegation of prominent industrialists and business leaders in Islamabad, the Prime Minister emphasized the government's commitment to reducing energy costs and improving trade facilitation.
According to Radio Pakistan, the Prime Minister highlighted the establishment of the Trade Facilitation Board as a crucial step towards promoting trade, urging the business community to provide feedback for its improvement. He also introduced the Special Investment Facilitation Council, designed to offer a one-window platform for investors and businesses to streamline investment and business operations.
Shehbaz Sharif detailed ongoing efforts to implement a regulatory guillotine, aimed at reducing unnecessary regulatory burdens, simplifying rules, and lowering compliance costs. Additionally, significant progress in the digitization of the Federal Board of Revenue (FBR) was noted, with an 800 billion rupees collection through enforcement in the last financial year.
The Prime Minister acknowledged the improvement in the country's macroeconomic situation due to governmental economic measures, while stressing the importance of further efforts at the microeconomic level to ensure the benefits reach the populace. He also underscored the government's focus on skills development and training for young people to meet industry and market demands.
Immediate actions to resolve issues faced by the business community were directed, including examining the extension of super tax exemptions for exporters. The delegation received updates on enhancements in the country's ports, transport infrastructure, and trade facilities, including reduced port charges and improved operational capacity.
Further developments include the ongoing upgrades of Motorway M-10 and the Pipri Freight Corridor to enhance connectivity from Karachi's ports. The construction of Motorway M-13 between Kharian and Rawalpindi is expected to reduce travel time between Lahore and Islamabad, while Pakistan Railways' improvements aim to boost commercial goods transportation.
The delegation was informed of record increases in Pakistan's IT exports, with government initiatives training one million individuals in IT and artificial intelligence. Efforts to promote small and medium-sized enterprises and ease their access to financing were also discussed.
Business leaders expressed their appreciation for the country's enhanced macroeconomic stability, confidence in the government's economic reforms, and welcomed initiatives such as the Export Development Fund, prompt tax refund payments, and FBR digitization. They also praised Pakistan's successful three-billion-dollar bond issuance as a sign of improving economic stability and confidence.
The leaders assured continued cooperation in promoting export-led economic growth, commended the government's privatization and deregulation policies, and presented proposals to address sector-specific challenges. They also lauded Pakistan's diplomatic efforts for regional peace under the leadership of Prime Minister Shehbaz Sharif, Deputy Prime Minister Ishaq Dar, and Chief of Defence Forces Field Marshal Syed Asim Munir.
The delegation comprised notable figures from Pakistan's business community, including Mian Muhammad Mansha, Arif Habib, Saqib Shirazi, Atif Bajwa, Muhammad Ali Tabba, and several others.