Govt to set up business advisory council

KARACHI: The government planned to set up a business advisory council to establish a liaison between government and trade and industry to make the country a regional hub for investors, finance minister said on Tuesday.

“The government is holding consultation for setting up the Business Advisory Council,” Finance Minister Asad Umar said at a meeting with a delegation of the Overseas Investors Chamber of Commerce and Industry (OICCI).

The minister assured the delegation of his all possible support in improving business environment in the country, a statement said.

Finance minister said it is his vision to introduce latest technology in tax system to reduce hassle and bring in more transparency to the system.

“The government wants to address the issues of twin deficits on a long term basis and I believe that the key to the problem lies in promoting manufacturing industry and creating jobs for the youth of the country and this is the area where overseas chamber could assist and lead the way,” the statement quoted him as saying.

The minister said the government would soon introduce necessary changes in the Finance Act 2018 to make it more relevant to the current economic state of the country and reflective of the progressive vision of the new government.

The finance minister appreciated the efforts of the OICCI in assisting the government in the matters of policy formulation that could help attract further investment.

“The government is firm on its commitment to address the key structural issues of Pakistan’s economy,” he said.

The OICCI delegation shared its ideas and proposals to build the investors’ confidence both local and foreign for bringing in more investment.

Meanwhile, a delegation of All Pakistan Exchange Association, led by Allauddin Sheikh, apprised the finance minister of the services being offered by its members to the Pakistanis. The delegation also shared with the minister the issues they had been facing due to smuggling of foreign exchange through various means.

The members of the delegation also informed the minister regarding the regulatory requirements that were hindering the growth of the important sector.

The delegation also shared their proposals for stopping the illegal export of US dollars from different channels and suggested measures to control under invoicing of imports.

The finance minister thanked the delegation for its valuable suggestions and assured them of his full cooperation in solving their genuine issues. “This service sector could also help in controlling Hundi and Hawala thereby ensuring remittance of foreign exchange through legal channels,” he said in a separate statement.

The association donated Rs20 million in the Dam Fund on the fund raising call from the Prime Minister.