Pakistan’s ranking in ease of doing business to be improved on PM’s order: advisor

-Business visas would be available within 24 hours, without going to embassy

ISLAMABAD: Adviser to the Prime Minister (PM) on Commerce, Textile, Industry and Investment Abdul Razak Dawood on Wednesday said that PM Imran Khan has ordered for improvement in Pakistan’s ranking in ease of doing business.

While addressing a news conference in the federal Capital alongside Board of Investment (BoI) Chairman Haroon Sharif, Dawood told that the premier had set a target that needed to be achieved in regard to the country’s ranking.

“Pakistan is currently ranked 136 among 190 economies in the ease of doing business and the prime minister has given us the target to improve it to 100 within the current year,” he told.

“The government plans to establish dedicated Ease of Doing Business Centers in the federal capital and all four provinces in the next three months to fully facilitate entrepreneurs to make investments in the country,” Daud said while adding that efforts would be focused on improving the country’s ranking in terms of doing business.

“We are bringing a promissory note for exporters in order to address their liquidity issue. Our effort is that tax refunds do not pile up in the future. The process of industrialisation has been started in the country which will create immense job opportunities for the youth,” he added.

Furthermore, BoI Chairman Haroon Sharif addressed the audience regarding the steps being taken to facilitate businessmen.

“We are issuing business visas in 24 hours now. Businessmen can now apply for visas online without going to Pakistan’s embassy. This scheme has initially been launched for four countries and will later be expanded to 60 countries,” he said.

He further elaborated on taxes, business registrations, and foreign investments under tourism.

“Tax payment procedures for businesses are being simplified and the number of taxes has been reduced to 16 from 47, whereas one would be able to make these payments online,” he said while adding, “laws will also be framed to ensure that businesses have easy access to banking credit”.

“A single window solution has been introduced for businessmen. The Punjab government has also introduced a single portal that will facilitate investors in registering their properties,” explained the BoI chairman.

“The power sector and NEPRA have also been taken on board so businesses get power connections in minimum time,” he told.

“Regional countries, including Saudi Arabia, United Arab Emirates and Malaysia are expressing great interest in investment in different sectors of the economy. Saudi Arabia is setting up an oil refinery in Gwadar while PARCO is also planning to set up a similar facility. These countries have also expressed interest in hotels, resorts and food processing units,” he informed while adding that there is no restricted area in the country under the tourism policy and investors will be able to invest in Gilgit Baltistan (GB), Azad Kashmir and even Balochistan.

“Pakistan is emerging as a hub of regional connectivity and that is why many investors are coming to the country. Steps are also afoot to ensure speedy clearance of goods at borders,” the BoI chairman concluded and expressed optimism that the PM’s orders would be acheived within the given time frame.