KARACHI: Caretaker Finance Minister Dr Shamshad Akhtar asked OICCI to support government’s endeavors to encourage foreign direct investment and invest in export based industries to support countries development and contribute to strengthening balance of payments in sustainable manner.

Speaking to OICCI members during her visit to OICCI, accompanied by Chairman Federal Board of Revenue Malik Amjed Zubair Tiwana and Customs and Income Tax commissioner and SECP Commissioner Abdul Rehman Warriach she said that first few months data reveals signs of economic recovery. Outlook for agriculture appears promising based on crop output results, large scale manufacturing sector has positive growth though remains low relative to potential. FBR collections in first quarter are good. Bold and quick decisions in exchange market, cost recovery and control of theft etc. are restoring confidence. Minister highlighted efforts are underway to launch SOE reform policy and compile latest financial position, while renewing efforts to enhance their corporate governance.

She appreciated OICCI members’ efforts to bring in foreign investments in Pakistan and said that government is ready to facilitate investors in every way possible. She revealed key features of Pakistan’s economic revival programme and indicated that its main emphasis is to support sustainable economic recovery through private sector. Pakistan is not only country in grip of multiple global crises but “Crisis like we are facing at present cannot be addressed solely by government, private sector’s support is very critical,” she maintained.

During meeting, OICCI urged government to aggressively broaden tax base to increase revenue. It was further highlighted by OICCI that over Rs 300 billion of tax evasion in tobacco sector alone is notable. Chamber called for setting up an independent private sector group of experts outside domain of FBR. Number of OICCI members representing large foreign investors present in meeting urged for level playing field to compliant taxpayers, who already contribute significant tax revenue and have reinvested $ 22 billion since 2013 in Pakistan.  They complained of tax harassment as collectors have been given unrealistic targets from existing tax payers. It would be prudent to expand net base to retailers.

OICCCI presented findings of its recent survey  which recommended GOP to take measures to stabilise declining value of rupee and reducing overall cost of conducting business in Pakistan-all aimed at making country more attractive destination for FDI.

Published in The Daily National Courier, October, 31 2023

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