Export sector hopes for concerted reforms

Author: Razi Syed

KARACHI: The export-oriented industrial, agriculture and business community of the country while pinning hope in leadership of Imran Khan expressed their confidence that concerted economic, industrial and agricultural reforms and policies would usher a new era of economic development.

The export oriented business community was of the opinion that if sincere measures are taken for rectification of longer and short term economic reforms, boosting exports, increasing tax-to-gross domestic products ratio gradually in next five year term to 20 percent, the country’s economy would be strengthened. They added that taking steps geared towards improving current-account balance, utilities tariffs and tapping tax revenue from untaxed money and savings instruments would help revive the economy.

Some of the other steps they proposed included restructuring of Federal Board of Revenue, reduction in tax rates to expand its net collection, controlling trade gap, formulating plans for implementing privatization, the introduction of agri-development policies. The industrial community said that fresh energy projects need to introduced and small and medium size water reservoirs need to be constructed.

Agha Saiddain of Pakistan Tanners Association, Ghulam Rabbani of Pakistan Yarn Merchant Association, Jawed Bilwani of Pakistan Apparel Forum, Qasim Siraj Teli of Karachi Chamber of Commerce and Industry, Sanaullah Khan of All Pakistan Marble Mining Processing Industry and Exporters Association, Rana Abdul Sattar of Pakistan Cotton Ginners Association, members of Federation of Pakistan Chambers of Commerce and Industry, All Pakistan Textile Mills Association, Surgical Instruments Manufacturing Association Pakistan and members of Small and Medium Enterprises were of the view that taking the aforementioned steps could help the nation double tax revenue to above Rs 9 trillion in the next two to three years.

Meanwhile, Association of Builders and Developers (ABAD) of Pakistan members while expressing their confidence in Imran Khan , opined that he would deliver what he had promised in his party manifesto.

ABAD Chairman Arif Yousuf Jeewa said that Pakistan Tehreek-i-Insaf’s (PTI) plan to build five million affordable low-cost housing units was achievable. “If 2 to 2.5 million houses are constructed in different phases, these targets can be met. This would also have a huge impact on national economy,” he added.

Streamlining the economic situation is a challenge the new government will have to face but this can be accomplished if the new government is determined and focused.

Published in Daily Times, July 28^th 2018.