PM Shehbaz for trade policies to facilitate businesses, enhance export competitiveness

Islamabad (APP): Prime Minister Shehbaz Sharif on Friday directed the authorities concerned to formulate the trade policies with a core objective of facilitating the business sector, calling for urgent measures to enhance the competitiveness of the country’s exports.

The prime minister, chairing a meeting on the trade sector, called for steps to promote exports of non-traditional goods and instructed for immediate payment of the certified duty drawback of the exporters.

Highlighting the significance of the private sector, he instructed to ensure consultation with them during the policy-making and implement the deletion policy to uplift the auto sector. Prime Minister Sheghbaz directed the relevant ministry to devise a comprehensive strategy to scrutinise the performance of trade and investment officers posted in Pakistan’s missions abroad, by rewarding the good performers and removing the incompetent ones.

The prime minister told the meeting that he would personally carry out the fortnightly review of the export sectors. In the meeting, the prime minister was told that the discussion on the Free Trade Agreement between Pakistan and the Gulf states was in the final stage and transit trade agreements with Uzbekistan and Tajikistan had already been materialised.

وزیراعظم محمد شہباز شریف کی زیر صدارت تجارت کے شعبے کے حوالے سے اہم جائزہ اجلاس

وزیراعظم محمد شہباز شریف کی ہدایات:
- ملکی برآمدات کو مزید مسابقتی بنانے کے حوالے سے فوری اقدامات کئے جائیں۔
- تجارت اور کاروبار میں آسانی کے حوالے سے پالیسیاں بناتے ہوئے نجی شعبے سے مشاورت کو یقینی… pic.twitter.com/4k4NbQ5XRE

— Government of Pakistan (@GovtofPakistan) May 10, 2024

It was told that during the recent Pak-Saudi Business Conference, around 450 business-to-business meetings were held and that the volume of e-commerce trade was witnessing a constant increase with the enlisting of over 3,000 firms on the Pakistan Trade Portal.

The meeting was also apprised of the strict monitoring of Afghan Transit Trade, double-digit premium growth of public sector insurance companies, finalising Gem Export Framework, and in-principle approval by Pakistan and Russia to operationalise the barter trade.

It was told that consultation with the stakeholders was in progress on Preferential Trade Agreements with Azerbaijan and Afghanistan, as well as on the New Strategic Trade Policy. Moreover, necessary legislation was also being made to establish the Technology and Innovation Fund for industrial development.

Federal ministers Jam Kamal Khan, Muhammad Aurangzeb, Dr Musaddik Malik, Ahad Khan Cheema, Deputy Chairman Planning Commission Jahanzeb Khan, State Bank governor and relevant senior officers attended the meeting.

Tasks BOI for assisting investment, business start-ups

Prime Minister Shehbaz Sharif has tasked the Board of Investment (BOI) to create more facilities for investment and business start-ups in the country.

Chairing a review meeting in Islamabad today regarding the promotion of investment and ease of doing business in Pakistan, he instructed the Board of Investment to formulate a mechanism on the patterns of one-window operation in consultation with all the relevant ministries and provincial governments. He said a mechanism should be suggested so that investors and people, who start new businesses, could face minimum hurdles.

The Prime Minister said investment always finds a way where it faces less hurdles in business. He said services of experts having international repute should be hired in this regard. He stressed on taking the provincial governments and representatives of the business community before formulating the mechanism to enhance ease of doing business.

Shehbaz Sharif recalled that he, during his previous short stint as Prime Minister of Pakistan, took priority measures to promote investment and business activities in the country.

He said the Special Investment Facilitation Council has played a key role in ensuring continuity of policies and achieving the goal of economic recovery.

The Prime Minister highlighted that visits of business delegations from friendly countries and rise in the stock exchange show trust of the local and foreign investors on government policies.