Call to introduce liberal investment policy in budget 2018-19

Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged the government to introduce liberal investment policy in the budget 2018-19. The government should attach priority to infrastructure development, broadening tax-base and creation of job opportunities through industrialization, said FPCCI Vice President Ch. Arfan Yousaf while speaking at the pre-budget session held here at the FPCCI Regional office on Saturday.
He said the government is regularly ignoring business community while unfavourable business policies have badly impacted the economic growth of the country. He said the country's economy is showing negative sign while trade deficit is rising mainly because of high tariff and taxes. Moreover, we have unfortunately lost our textile sector exports, whereas, same situation is also being noted in each sector, he pointed out, he said.
He stressed the need for ensuring consistency in the budget making so that the projects and schemes could be supported in the long-term. Different agricultural zones should need to be introduced which would enhance agro-based industry from respective regions he said adding that such measures would result in increase of foreign exchange reserves. He also emphasized measures to promote trading, industrialization, balancing trade and increasing exports.
Chaudhry Arfan urged the government to set up more research centres and laboratories in the country and said that there should be strong linkage between industry and academia. He said the government should attach priority to the skill development in its policies so that industrial growth could be ensured.
Pakistan's exports are jeopardizing during last three-four years and declined from $25 billion to $20 billion first time in the history whereas our imports rose to $52 billion leading the trade deficit to $32 billion during 2016-17, he said.
The FPCCI office bearer stressed the need for taking drastic steps to fight against increasing trade deficit. Talking about the cost of doing business and exports finance, he said that reimbursement of tax refunds and payment of funds under PM package should be the top priority of the government to give a boost to the country's exports.