Success in economic growth acknowledged by IFIs: Nawaz

RECORDER REPORT

ISLAMABAD: Prime Minister Nawaz Sharif Thursday 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 (IFIs). "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 to review measures taken by the government to enhance exports, at the PM Office.

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 facilitative 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 issued here said.

The Prime Minister said that 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. 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.

The Prime Minister directed the Finance Division, Commerce Division, Federal Board of Revenue (FBR) and Board of Investment to come up with sound proposals for improving the situation. The Prime Minister further directed that these proposals should be presented in the next meeting in the presence of business representatives so as to ensure input from the business community.

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