Experts on Monday underlined the need for ease of doing business and a favourable business environment for reviving economic growth in the country.
“The private sector has a critical role in the growth of economy,” said a statement issued by the Sustainable Development Policy Institute (SDPI).
At a pre-budget digital consultative session on better business regulations, jointly organised by the SDPI and National Textile University Faisalabad, Punjab Board of Investment and Trade (PBIT) CEO Dr Erfa Iqbal said, “The Punjab government is looking forward to receiving proposals from the business community before finalising the provincial budget for next financial year.”
Iqbal added that all sectors of the economy needed to come up with specific suggestions about taxes, business facilitation, access to infrastructure, investments and other related aspects of conducting business.
Speaking on the occasion, National Textile University Rector Dr Tanveer Hussain emphasised that the prosperity of a country depended on industrialisation. “In Pakistan, textile industry plays a pivotal role despite the fact that the turnout of exports has been low over the last 10 years,” he said. Hussain stated, “We need to focus on value addition and reliance on renewable energy in addition to improving research and development activity.”
SDPI Joint Executive Director Dr Vaqar Ahmed highlighted that the upcoming federal budget would be prepared under difficult circumstances as government’s resources were over-stretched due to pandemic-related spending.
“Therefore, the private sector needs to play a role in building back a better economy,” he stressed. “Textile sector will play an important role in supporting Pakistan’s balance of payments, and exports should be boosted to help post-pandemic economic recovery,” Ahmed said, adding that a timely regulatory impact assessment could then help ease various obsolete regulations, which were leading to high costs for businesses.
“We need to look at the entire value chain of textile which starts from agriculture,” emphasised Association of Chartered Certified Accountants (ACCA) Pakistan head Sajjeed Aslam.
“Moreover, the focus should be on developing a framework while moving from short-term to a medium and long-term reform plan.
Published in The Express Tribune, April 6th, 2021.
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