Mian Anjum says BMP mission a stable economy, prosperous business community

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Mian Anjum says BMP mission a stable economy

DNA

ISLAMABAD, JAN 21: The Federation of Pakistan Chambers of Commerce & Industry’s Businessmen Panel (BMP) has called for promoting industrialization and enhancing exports through lowering cost of production, paying early refunds to solve liquidity crunch and relaxing import policy for industrial raw material.

The FPCCI former president and Businessmen Panel (BMP) Chairman Mian Anjum Nisar said that business community was facing tough challenges because of limited business. In this context, he sought attention of the government for formulation of regional, provincial and central level task force, and formulation of sector wise regional policies which would help the government address the problems confronted by exporters.

He suggested that One Window Operation should be introduced for the replacing the lengthy procedures that involve interaction of manufacturers with various agencies. The government agencies were harassing the textile industry every day. Social Security, EOBI and other taxes should be merged and deducted at the source.

Mian Anjum Nisar asked the government to appreciate the role of industry for its potential to harvest maximum benefits, providing mass employment to the jobless population of the country. He also sought government’s attention for formulating aggressive marketing plan and hurdle-free policies as well as urgent decisions in favour of exports while taking on board major stakeholders. He called for concerted efforts for exploring new markets both traditional and non-traditional in order to introduce home made products. He urged the government to announce favorable policies and allow duty-free import of raw material and accessories. This move will attract investors and help in setting up new industries in the country which will create wide opportunities for employment. We direly need a stimulus economic plan coupled with relief package by the government to maximize production. He also emphasized the need for seeking technical knowhow from China and other countries for the sake of innovation, and improvement of products.

The BMP Chairman said the sustainable solution to Pakistan’s problems lies in reforms, as we can see very large inefficiencies in tax collection. So, the tax compliance must be improved and tax base be broadened. This cannot be achieved with a single policy change, but by a systemic approach, he added.

He observed the government preferred direct taxation to meet revenue shortfall as opposed to resorting to increasing indirect taxes because direct taxes tend to be more progressive in nature, therefore, the burden on the lower income strata of the population is lesser. He emphasized that concentrating on import substitution is imperative to narrow import bills and certain imported products such as oil are of a fixed nature, therefore, the government needs to enhance focus on import substitution industries, as chemicals, agriculture and steel are potential industries.

He said that undertaking structural reforms require political will. He said that enacting structural reforms, such as improvements in tax collection system, bureaucracy and ease of doing business requires major political will and strict implementation of policies, he added.

The BMP Chairman urged the government to solve their problems on a priority basis in consultation with the traders. The BMP’s mission was to create a stable economy and prosperous business community, he added.

He also called for promoting industrialization and enhancing exports through lowering the cost of production, paying early refunds to solve liquidity crunch and relaxing import policy for industrial raw material. He said the business community was facing problems like unannounced load shedding, parking, departmental proceedings, overbilling and expensive electricity and gas in the markets. He asked the government to appreciate the role of trade, industry and exporters, providing mass employment to the jobless population of the country.

He suggested introduction of One-Window Operation for the replacing the lengthy procedures that involve interaction of manufacturers with various agencies. The government agencies were harassing the trade and industry every day, he said and called for merging different taxes and deducting the same at the source.
The chairman stressed the need for reforms, with a keen focus on value-addition for a sustainable economic growth, recommending the government to raise exports to double digit of the GDP, as Pakistan’s exports have bounced back after witnessing decline.

Mian Anjum stressed that focus should be on promoting exports and restricting imports alongside making domestic industry more competitive and subsequently expand its export market. He said that exports of goods and services are an injection into the circular flow of income leading to a rise in aggregate demand and an expansion of output, helping raise per capita incomes and reduce extreme poverty especially in developing economies like Pakistan.