Daily Times

KARACHI: The Association of Chartered Certified Accountants (ACCA) Pakistan held the 2nd edition of Pakistan Leadership Conversation (PLC) with six events in March 2018.

Event coordinator said that ACCA members pledged during the event to collaborate with private and public sectors to drive social and economic growth for an emerging Pakistan. He said the key focus was on working to boost GDP growth rate by an average of seven percent in the next five years, and bringing Pakistan’s ranking in the top 50 for Global Competitiveness Index and Ease of Doing Business index.

Moreover, he said, the ACCA has helped to define some of the vital elements required for delivering on socio-economic development across Pakistan. “One of the key items that has been at the heart of the conversation is the role CPEC under China’s Belt and Road Initiative (BRI). ACCA is playing its part by utilizing its worldwide reach with BRI countries, engaging policy makers, academia and business to realign priorities and strategies to take full advantage of the potential that CPEC has to offer,” he said, adding that the ACCA has drawn a roadmap with key deliverables essential to continue Pakistan’s progression towards achieving socio-economic prosperity. “One of the big-ticket items is tax and foreign exchange regulation reforms. According to the Global Competitiveness Report 2017-18, taxation policy and tax collecting agency’s mindset, preceded by corruption, is the second biggest impediment to ease of doing business and global competitiveness rankings of Pakistan.”

In the past, he said, measures have been taken for curbing corruption, but the taxation system requires more trust-driven and transparent policy. Procedural reforms in foreign direct investment coming into Pakistan are necessary for global participation in Pakistan’s economy.

He said the other main driver of change that can create an impact is the youth bulge of Pakistan. “By nurturing this natural talent leveraging the 4th Industrial Revolution powered by digital technology, Pakistan can get in a unique position to access the ‘global market’ for consumers, products and services. By focusing on developing policies that will enable the digital economy, the youth of Pakistan will be key drivers in this new economy which will lead to social and financial inclusion, access to education and health care and economic participation of women which will help in attracting local and foreign investment.”

Published in Daily Times, April 2^nd 2018.