Govt’s efforts to enhance tax base termed a step in right direction

LAHORE: World Bank consultant Marcos Griffin has applauded the efforts being taken by the Pakistan government to carryout welfare projects and increasing tax collection base and termed it a step in the right direction.

During the consultative seminar organised by the Punjab Board of Investment and Trade (PIBT) in association with the World Bank, it was agreed to line up another investment conference to seek ways of exploiting potential of the investment in Pakistan.

The WB consultant stressed the Pakistan government should focus on improving exports. Policies required on every step to increase exports of various industries should be one of the key focus areas of the government, including and not limited to specific export promotion programmes, otherwise a balance of payment issue might become a concern in the future due to repatriation of profits from FDIs.

It was also emphasised that the government should explore, setup and expand different branches of chamber of commerce in different countries to help boost exports.

On top of this, as IT industry in Pakistan is doing really well, the sector should be promoted internationally by the government to bring in foreign revenue, he added.

Haroon Shaukat, chief executive officer of PBIT, said, “In our quest to unlock the country’s potential, we are bringing in local and international investors for one-on-one consultations with local businesspeople.” “This approach is effective in addressing business and investment challenges in the country’s economy,” he added.

Punjab is a model province, as it has started Mass Transit System for the common man, proper waste management of metropolitan cities, and safe city concept (under implementation in Lahore). He emphasised the Punjab government is focusing on value addition within the textile and agro industries in Punjab.