Business News

New modalities under consideration for economic reforms: Commerce secy

ISLAMABAD, May 20 (WNP): Commerce Secretary Sardar Ahmed Nawaz Sukhera has said that modalities of new economic reforms were being considered, which included ease of doing business, regulatory reforms and enhanced competitiveness of exports.
He expressed these views while talking to Pakistan Furniture Council (PFC) Chief Executive Mian Kashif Ashfaq who is also Chairman of Faisalabad Industrial Estate Development and Management Company (FIEDMC) here on Monday.
The commerce secretary said the government was fully committed to catalyzing private sector to contribute towards strengthening the national economy and boosting the country’s exports.
He pointed out that the government would also extend all-out assistance to exporters and make policies that would help promote the country’s exports all over the world.
“Prime Minister Imran Khan is expected to announce these reforms very soon”, he added.
Shedding light on Pak-China Free Trade Agreement (FTA), Sukhera said as there were no proper safeguards for domestic industry in FTA, hence, the ministry concentrated to provide maximum protection to local industry in the second FTA which is a good sign for industries in Pakistan.
He urged the Pakistani manufacturers and exporters to avail this facility to strengthen Pakistani economy and help in bridging the import-export gap.
Mian Kashif, on the occasion, extended all his support to the government for implementing its economic reforms in the country.
He said the role of the government was crucial to facilitate private sector and provide an enabling environment for investors and businesses.
Appreciating the reforms agenda of Prime Minister Imran Khan, he said the government’s top priority was to create an enabling business environment and provide ease to the business community in the province.
“Ease of Doing Business Reform Agenda has firm commitment from the top-level management therefore FIEDMC would work tirelessly to improve the Provincial Doing Business Indicators”, he added.
Mian Kashif further said these reform initiatives taken by the government were not only targeted towards improving the overall ranking on the Doing Business index rather these were aimed at facilitating businesses, creating an enabling business environment and changing perception and mindset of the investors who want to invest in the country.
He assured the commerce secretary that the business community from platforms of PFC and FIEDMC would fully support Prime Minister Imran Khan for implementing his economic agenda in the country.
He said Pakistan’s economic indicators are now improving and soon the government would announce relief packages for the poor strata of the society.
He said furniture sector could play vital role for increasing export volume, as the demand for furniture and wooden products is on the rise in the US and European markets, along with domestic consumers.
“Only the US furniture demand at the manufacturers’ level is forecast to reach $59 billion in 2021,” he said, adding the opportunity was huge, but the sector needed a large number of skilled workers to meet rising demand.
He urged the government to establish greater liaison with this sector to fully understand the market conditions and requirements of the industry needs for its protection, development and promotion.
Earlier, Mian Kashif also briefed the secretary about the activities of FIEDMC and its role in bringing foreign and local investors in Faisalabad.
He said investors were being offered the best possible services for accelerating economic activities under one umbrella policy.

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