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Nawaz directs FBR, other departments to give proposals for boosting economy

Nawaz directs FBR, other departments to give proposals for boosting economy

ISLAMABAD: Prime Minister Muhammad Nawaz Sharif has directed the Federal Board of Revenue (FBR), Finance Division, Commerce Division and Board of Investment to come up with sound proposals for improving the economic situation.

“In order to develop the export sector, key enablers including quality infrastructure, labour productivity, access to utilities and technological development needs to be focused upon,” the prime minister said while chairing a meeting at PM House to review measures taken by the government to enhance exports of the country.

Moreover, convergence of local and international standards, protection of intellectual property, and effective and efficient disputes resolution mechanism were also essential to boost exports, he remarked.

Nawaz said that the present government due to its rational approach and prudent policies had achieved great success in economic growth which had been acknowledged by the international financial institutions.

“Our stock markets have shown phenomenal bullish trends, inflation rate has decreased and investors are now keen to invest in Pakistan,” he said while chairing a meeting at PM House to review measures taken by the government to enhance exports of the country.

The prime minister was informed that major issues identified regarding exports included competitive international suppliers who were also competing with Pakistani goods, comparative incentives on exports where other economies were providing higher incentives and taxation regime.

He was also informed regarding facilitation measures provided by the government in terms of support for plant and machinery for agro-processing, technology up-gradation fund, brand and certification development, incentives on product development and related taxes and levies, a PM Office statement said.

The premier further directed that these proposal should be presented in the next meeting in presence of business representatives so as to ensure input from the business community.

The meeting was attended by Finance Minister Ishaq Dar, Commerce Minister Khuram Dastagir Khan, Minister for Planning and Development Ahsan Iqbal, BOI Chairman Miftah Ismail, Secretary to PM, Secretary Finance, FBR chairman and other senior officials.