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Print Print 2023-09-04

COAS explains to businesspeople SIFC potential

  • Emphasises Special Investment Facilitation Council's potential to attract substantial investments of up to 100 billion dollars from countries such as Saudi Arabia, UAE, Kuwait and others
Published September 4, 2023

LAHORE: President of the Lahore Chamber of Commerce & Industry Kashif Anwar, alongside prominent business figures, met with Chief of Army Staff General Asim Munir at the Corps Commander headquarter in Lahore on Sunday. They discussed economic situation of the country with the army chief.

CM Punjab Mohsin Naqvi was also present in the meeting. General Asim Munir highlighted the pivotal role of the Special Investment Facilitation Council (SIFC), emphasizing its potential to attract substantial investments of up to 100 billion dollars from countries such as Saudi Arabia, the UAE, Kuwait, and others.

To bolster economic decision-making, he revealed the formation of task forces focused on economic matters and different sectors.

SIFC will ensure ease of doing business: COAS

Kashif Anwar, in alignment with the broader business community, recommended active engagement with all chambers to incorporate diverse perspectives into the task force’s agenda.

Addressing critical issues faced by the public, Kashif Anwar proposed a reduction in income and sales tax rates on electricity bills. He noted that the populace grapples with the burden of high taxation on electricity, impacting daily lives, businesses and common people.

Additionally, Kashif Anwar introduced a pragmatic approach to fuel adjustment charges, advocating for their collection during the winter months when electricity consumption is lower, alleviating financial stress on consumers. Recognizing the pivotal role of exchange rates in Pakistan’s economic landscape, Kashif Anwar urged for greater control over the rates of the US dollar in both interbank and open markets.

General Asim Munir responded positively, assuring that money exchanges would be brought under the purview of taxation, fostering transparency in dollar exchange and inter-bank rates.

President LCCI also pointed out that the disparity between the State Bank’s rate and the Hundi rate often leads to the preference for Hundi channels when it comes to remittances. He emphasised that if these rates were aligned, remittances would naturally flow through the State Bank of Pakistan (SBP).

Kashif Anwar emphasised the importance of an enhanced and sustained interactive dialogue between the business community and relevant authorities. He expressed concerns over the prevailing lack of responsiveness to suggestions put forth by the business sector. He called for a unified commitment from political parties, suggesting the signing of a charter of the economy as a precondition before any upcoming elections.

Expanding on General Asim Munir’s earlier remarks regarding the existence of a grey economy, accounting for 2 to 3 times of the overall documented economy, Kashif Anwar proposed an innovative approach. He recommended incentivising the grey economy sector to transition into the formal, white economy, offering a strategic solution to combat this pervasive issue.

He said that the expansion of the tax base will remain elusive as long as the grey economy remains unincorporated, unable to contribute to the formal, white economy.

This gathering exemplified the shared dedication of both the business community and the military leadership to work collaboratively in addressing pressing economic challenges and propelling the nation toward growth.

As Pakistan continues to navigate economic complexities, this constructive dialogue signifies a promising step toward finding practical solutions and fostering economic prosperity for the nation.

Copyright Business Recorder, 2023

Comments

Comments are closed.

Lyod Sep 04, 2023 07:28am
Now this dude is explaining economics to businessmen! What training and credentials this dude has in economics and finance! That is the problem Pakistan has facing via grade 22 officers for past 76 years!
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JK Sep 04, 2023 07:37am
The generals turned out to be the terminators for the country and its people!
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Tulukan Mairandi Sep 04, 2023 07:41am
De facto PM
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Faisal Sep 04, 2023 08:49am
Amazing . All these matters being discussed and deliberated with army chief who has no clue of all these specialised matters neither has the capability. Let’s not waste anymore money on shadow governments and petty politics .
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Retired Sep 04, 2023 08:54am
Didn't know army men were also very very well versed in finance and economics! I feel so much better now ....
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Asim khan Sep 04, 2023 09:10am
Zia and mushraff had the same slogan and huge public support, hafiz jee has 0 support and losing control on daily basis, seems like another failure coming soon in next 2 to 3 months. Only way out is elections, rescheduling of loans and power sectors and restart the country
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Lowell Sep 04, 2023 09:13am
When will generals learn to obey the constitution to establish rule of law and not impose rule of power and learn to serve under civilian rule!
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Power Sep 04, 2023 09:14am
Fauji foundation companies loosing money. Check their stock performance on psx Shame on generals PIA n other seo run by military bankrupt
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Lowell Sep 04, 2023 09:24am
@Power, Very true...Bajwas's relative was running PIA!
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Haq Sep 04, 2023 09:52am
Capitalist system is already collapsed World wide (bankruptcies, exorbitant debt, economic downturn, sanctions, trade wars, wars), heading towards totalitarian global central govt. (WEF - Great Reset, UN - Sustainability Development Goals 2030, WHO - Digital Passport). High time for Pakistan to correct it's course & revert back to it's original purpose of creation 'Islamic Welfare State'
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Jerry Sep 04, 2023 09:54am
@Retired, Jack of all trades and master of none! That is the story of generals!
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Jerry Sep 04, 2023 09:56am
@Retired, Not known by many...these generals are noble prize winners in economics!
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Love Your Country Sep 04, 2023 10:54am
@JK, and judiciary cooperated fully with them.
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Love Your Country Sep 04, 2023 10:55am
@Tulukan Mairandi, yes, fully agreed. A world's first.
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KU Sep 04, 2023 10:55am
Must have borrowed the magic wand from Harry Potter, there is no other explanation. The advisers and the decision makers are riding a boat that has, ''Not Qualified'' written all over it. By the way, George Orwell's Animal Farm is a must-read.
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Love Your Country Sep 04, 2023 10:59am
@Retired, me too, and IKN said the same thing this morning.
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Love Your Country Sep 04, 2023 11:02am
@Lowell, when they become sensible (no timeline given)
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Love Your Country Sep 04, 2023 11:03am
@Haq, who'll bell the cat?
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Love Your Country Sep 04, 2023 11:34am
a statement has just been released the Boss says ''why the hell did I accept this promotion....I need my peace back pleeease"
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faisal Sep 04, 2023 11:37am
More pressure on formal exchanges? What an awesome idea. Inflation needs to be controlled, only way to save the falling ruppee.
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KhanRA Sep 04, 2023 11:41am
In what other country is COAS-equivalent doing this?
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Imsz Sep 04, 2023 11:47am
With all respect, it is not COAS job to discuss economics of the country with business leaders. Where is the civilian government? May be we now need to throw away constitution which useless anyway.
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Aamir Sep 04, 2023 12:05pm
Seriously why is the COAS taking about the economy? This is not his job
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Vikas Sep 04, 2023 12:08pm
Wow the Chief Jarnail of Paxstan explains all this. Great. what a mulak.
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Dr fahad Sep 04, 2023 12:13pm
@Aamir , because politicians have failed the economy. As per qualification no one is economist, one is cricter others are also from other professions
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Dr fahad Sep 04, 2023 12:14pm
Pak fauj zindabad
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Aurangazeb Sep 04, 2023 12:30pm
What next? Ministers explaining tank warfare ?
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Gul Ahmed Sep 04, 2023 02:21pm
@Lyod, all this what he is doing is constitutional and in his job description?
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Naeem Advocate islamabad Sep 04, 2023 02:27pm
Assalamualaikum We really appreciate the efforts of COAS towards Financial goals for the country and We also appreciate the participation of business community to join hands for the achievement of these goals positively as highlighted by the honourable COAS.
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Nicky Sep 04, 2023 02:32pm
@Gul Ahmed, Hogwash!
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Nicky Sep 04, 2023 02:33pm
@Lyod, Just after this Nobel laureate lecture the Rupee hit 334 against dollar!
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Nicky Sep 04, 2023 02:34pm
@JK, Indeed the Rupee has been terminated! And the generals have no idea what they have wrought!
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Nicky Sep 04, 2023 02:35pm
@JK, Million dollar question: How come people with such low IE/EQ are appointed to such key positions?
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KU Sep 04, 2023 02:42pm
Wish he would tell about this potential to a mother of 3 or 5 children who is scraping food from various sources, despite her husband earning minimum wage or the people becoming victims of crimes committed for survival. These scenes are now becoming increasingly common in urban as well as rural areas.
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usman Sep 04, 2023 04:04pm
@Asim khan, Musharraf was a person with a progressive and urbanized mentality had a plan of privatization of State Owned Enterprises and Liberalization of Telecom industry, which he did successfully, not sure about the current mentality.
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Imrnsz Sep 04, 2023 04:34pm
Altaf Hussain was absolutely correct from the begining......
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Jalal Sep 04, 2023 06:10pm
Where are the PM, Finance minister and others. It means there is not a PM but a puppet is there. Best of luck for suggestions
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Love Your Country Sep 04, 2023 06:13pm
@usman, privatisation of ......... Strange that he missed PIA (where most of the jobs are in Karachi).
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Ehtisham Haider Sep 04, 2023 09:37pm
He will do everything, then let establish a permanent dictatorahip in the country so we dont claim to be a democratic country as well drop nuke on the civilians.
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imran SZ Sep 04, 2023 11:11pm
@Naeem Advocate islamabad , you are clearly product of Pakistnai education system, lambs.....maaahhh.
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Anonymous Sep 05, 2023 12:06am
Peer sahib in action..... Chuuuuuuuu and economy on right path.....
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TidBit Sep 05, 2023 08:12am
@Haq, There is no cost for dreams. On the other hand, it is already an 'Islamic Welfare State' in the sense that it is running and being kept afloat with the welfare of the arab countries.
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Asim Sep 05, 2023 08:34am
Indeed direct and indirect miltary rule has ruined Pakistan in all domains...
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Asim Sep 05, 2023 08:37am
Only viable option for economy to recover...hold elections and let country move forward.. Political stability via will of people will bring economic stability!
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Pacman Sep 05, 2023 11:27am
@Asim, But paindoos like 1971 are damaging the country at all levels!
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Aamir Sep 05, 2023 12:51pm
@Dr fahad , so that means COAS should intervene wherever there is a failure? Should it not be that the people elect honest people and reject those who have failed.
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