SIFC measures yielding positive results: PM

Says reforms, policies have contributed to making conducive business environment

ISLAMABAD:

Prime Minister Anwaarul Haq Kakar stated on Thursday that measures implemented under the Special Investment Facilitation Council (SIFC) are yielding positive results, as the caretaker government endeavours to revive the national economy.

“The caretaker government has taken steps to create a conducive business environment and provide facilities to the private sector to contribute to the country’s development and increase tax revenue,” he said.

Kakar made these remarks during a meeting with a delegation from the Pakistan Association of Large Steel Producers (PALSP) and industrialists of Khyber-Pakhtunkhwa, led by Senator Nauman Wazir, at the Prime Minister’s Office in Islamabad.

Also present at the meeting were State Bank of Pakistan (SBP) Governor Jameel Ahmed, Federal Board of Revenue (FBR) chairman, and secretaries of the relevant ministries, according to a statement from the PM office.

The PM highlighted that through its policies, the government is facilitating the private sector to boost exports and employment opportunities. He expressed hope that the next elected government would continue providing employment opportunities and ensure overall economic progress by further enhancing industrial development and investment in the country.

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Kakar commended the efforts of the caretaker finance minister, the FBR chairman, and all concerned quarters for bringing reforms in the FBR aimed at prudent economic policies. He also praised the business community and investors for their support during difficult times, highlighting their role in restoring investors’ confidence in government policies. Regarding FBR reforms and the establishment of SIFC, PM Kakar emphasised that it is an opportune time to invest in diverse fields. He urged companies associated with the steel industry to prioritise investment for the development of new iron ore deposits in the country.

During the meeting, participants lauded the caretaker government’s efforts in facilitating investment, resolving industrialists’ problems, reforming the FBR, and taking measures to restore the economy.

The meeting provided detailed information on Pakistan’s large-scale steel and copper industries, the fourth-largest export sector, with copper exports alone totalling $1.35 billion in the last financial year. It was highlighted that annual per capita steel consumption in Pakistan is 40 kilograms, indicating significant potential for sectoral development. Additionally, the annual tax revenue from the steel industry amounts to Rs400 billion.

Published in The Express Tribune, February 16^th, 2024.

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