Trade: (Punjab Govt to make smart regulations for private sector: Sardar Tanveer Ilyas Khan)

ISLAMABAD:Sardar Tanveer IIyas Khan, Chairman, Punjab Board of Investment and Trade said that Punjab Government was working to make smart regulations that would address the hindrances being faced by the private sector and facilitate in promotion of business and investment activities.

He said One Window facility for investors would be setup in Punjab to provide them all required services at one place. He said he was visiting various chambers of commerce and industry of Punjab to get the input of private sector on their major issues and based on their feedback, Punjab Government would review policies to facilitate businessmen and investors.

He said industry should focus on producing value added products to improve exports. He said business community should cooperate in broadening the tax base of the country.

He said this while addressing the business community at Islamabad Chamber of Commerce and Industry (ICCI) here on Monday. Sardar Tanveer Ilyas Khan said that many people have kept money in lockers that was not benefiting the economy and urged that such money should be brought into the formal economy to promote economic activities.

He said Punjab has 68000 industrial units with 11 industrial zones and Punjab Government was working to create more industrial zones, especially in remote areas to promote industrialization and jobs creation.

He said ICCI should send written proposals that would be given due consideration and assured to cooperate in addressing the highlighted issues of the business community.

Speaking at the occasion, Ahmed Hassan Moughal, President, ICCI said that Punjab Government should cooperate in establishing a new industrial zone for Islamabad that was badly needed to promote industrialization in the region.

He said Punjab Government should offer attractive incentives to the investors of Islamabad for JVs and investment in SEZs in Punjab under CPEC. He said government should introduce licensing system for every business to promote formal economy.

He said government has made significant increase in gas and electricity tariffs, taxes and markup rates that have created great hurdles for private sector and stressed for addressing these issues on priority to facilitate business and investment activities.

He said stamp duty for registration of property should be reduced from existing 9 percent to 1 percent that would give boost to real estate industry and create plenty of new jobs.

Rafat Farid Senior Vice President and Iftikhar Anwar Sethi Vice President ICCI said that government should make long term investment and economic policies that would facilitate private sector in long-term business planning. They said consistency in policies was basic requirement to promote economic activities.

Sheikh Abdul Waheed and Muhammad Ejaz Abbasi, Vice Presidents FPCCI, Zubair Ahmed Malik, Khalid Javed, Tariq Sadiq, Khalid Iqbal Malik, Zafar Bakhtawari, Ch. Naseer Ahmed, Khalid Malik, Malik Sohail, Khalid Chaudhry and others also spoke at the occasion and highlighted various issues that needed urgent attention of the government for promoting investment, trade, industrialization and exports.