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Business & Finance

ADB to assist Ministry of Commerce in E-Commerce Policy implementation

  • It was also noted that the new State Bank of Pakistan (SBP) policy will encourage brand acquisition & export of high-value products, informed Dawood.
12 Feb, 2021

The Asian Development Bank (ADB) will provide technical assistance to the Ministry of Commerce for the implementation of the E-Commerce Policy, informed Advisor to Prime Minister on Trade and Investment Abdul Razak Dawood.

The fourth meeting of the National e-Commerce Council (NeCC) was held at Commerce Ministry. As per details, a number of issues relating to cross-border e-commerce, tax harmonization, incentives for the upcoming budget, and Investment policy were discussed with the private and public stakeholders.

It was also noted that the new State Bank of Pakistan (SBP) policy will encourage brand acquisition & export of high-value products, informed Dawood.

Days ago, SBP notified revisions in chapter 20 of the Foreign Exchange Manual to facilitate startups, fintechs, and exports.

The new policy for equity investment abroad will attract foreign direct investment through the establishment of holding companies by Pakistani fintech and startups; support exports by facilitating exporters to establish subsidiaries or branch offices outside Pakistan; and, allow resident Pakistanis to acquire sweat equity, amongst other changes to the Foreign Exchange (FX) regulations.

Dawood said that it is encouraging to note that NeCC is emerging as an effective mechanism for public-private dialogue for effective policy implementation.

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