ICSTSI appreciates govt for simplifying business policies
Currently, Pakistan ranks at 136th position in the World Bank's Ease of Doing Business index.
(Web Desk) – Islamabad Chamber of Small Traders & Small Industries (ICSTSI) has lauded the federal government for devising effective policies to simplify business and investment in Pakistan and termed the move “an important step in the right direction.”
According to a statement issued by ICSTSI, the easing of doing business is a great step to end dependence on loans and ensuring self-reliance.
It said currently, Pakistan stands at 136th position among 190 economies ranked by the World Bank’s Ease of Doing Business index while the government wants the country to be included in top fifty economies.
Shahid Rasheed Butt, a senior member of the chamber, said that ease of business would require the bureaucracy to change its mindset, reduce red tape-ism, discouraging corruption, simplification of tax and other laws, and easing visa regime.
He said that the ambitious target was not impossible as the country was moving in the right direction but the speed of reforms has been slow which must be expedited with the consultation of all the stakeholders.
He said that the government has already reduced the number of taxes from 47 to 16 for the companies as simpler laws, regulations and procedures are crucial for encouraging private investment.
Such steps would infuse more confidence in the business community, stop the exodus of industry and flight of capital and attract investments in industrial and agricultural sectors.
However, it should also discourage interaction between tax officials and the business community by promoting automation.
“Improved infrastructure, availability of cheap energy, competition and affordable loans must be ensured to escalate economic growth,” he said.
