Daily Times

The private sector has been urged to submit their actionable proposals within the due time for the first federal budget 2019-20 under Pakistan Tehreek-e-Insaf in a roundtable conference.

Speakers, on Tuesday, discussed pre-budget proposals for budget 2019-20 in a meeting jointly organised by Sustainable Development Policy Institute (SDPI) and National Network of Economic Think Tanks and Government College University, Lahore. The government was also requested to strengthen inter-departmental coordination to avoid the challenge of double taxation.

The business community was also asked to proactively engage with reference to the 12th five-year Plan and the three-year Strategic Trade Policy Framework being formulated by the Planning Commission and the Ministry of Commerce respectively. The panel also asked the businesses to submit sector-specific recommendations.

Punjab Urban Unit Head, Khalid Sherdill, said that the Punjab government had formulated the Punjab Spatial Strategy with an aim to provide suitable zoning to protect agricultural land.

He further added that policies were also being reviewed to see how urban centres could allow high-rise buildings, which, in turn, would boost the services sector and provide much-needed jobs for youth.

Public-private models were also said to be studied to finalise plans through which the government’s ambition of providing low-cost housing could be achieved.

Efforts are being made to make industrial and economic zones sustainable, he remarked.

SDPI Joint Executive Director, Dr Vaqar Ahmed, remarked that there remained a need to expedite work on Punjab Smart Regulation Act in order to reduce the regulatory burden on enterprises in Punjab.

He said that the Punjab Revenue Authority would need to expedite its collaboration with FBR so that instances of double taxation can be avoided.

Punjab government should also consider in its growth strategy how the private sector could gain from the opportunities in the next phase of China-Pakistan Economic Corridor (CPEC) and special economic zones, he maintained.

The director talked of the need to carry detailed studies on the sectors that would see high demand in China and sectors that could be presented as an opportunity for joint ventures between enterprises of the two countries.

The ultimate gain from CPEC would only come if it led to higher exports from Pakistan, he remarked while adding that it could only happen if the government negotiated a better free trade agreement (FTA) with China.

Punjab govt asked to prioritise businesses in CPEC plans

Dr Ahmed emphasised that China also needed to promote ‘trade in services’ with Pakistan to expand the country’s engineering and business services exports.

GC University, Lahore’s Economics Department Head, Dr Saima Sarwar, said that the next budget and future policies should focus on the needs of the youth bulge.

She added that the youth required appropriate and quality skills, which are in high demand in the labour market.

Small and Medium Enterprises Development Authority (SMEDA)’s representative, Mohammad Javed Afzal, said that the authority had identified 13 growth sectors, which could provide jobs to a substantial number of unemployed young population. He offered to revisit the definition of Small and Medium Enterprises (SMEs) in collaboration with federal and provincial government and central bank.

Women Chamber of Commerce & Industry, Lahore Division, Founding President, Dr Shehla Javed Akram, said that the government should encourage start-ups and new investors at all levels through tax breaks and recognition. She said that the government and the Pakistan Council of Scientific and Industrial Research (PCSIR) needed to support the registration and certification requirements of industries having export potential.

Lahore Chamber of Commerce and Industry’s spokesperson, Basit Asif, asked the relevant government departments to focus on information technology as a key sector for future growth. He said that the youth entering the labour market could be accommodated in ICT-enabled industries while emphasising the need to establish additional IT parks and IT-focused special economic zones, which in turn would cut down the operating cost for IT firms.

Friends of Economic & Business Reforms President, Kashif Anwar, urged the government to reform tax policies to restore dynamism in the downturning real estate sector.

The representatives from the Planning & Development Department and Punjab government noted that the provincial government had formulated the Punjab Growth Strategy to provide plans for sector-specific growth.

The government was said to prioritise the development of the agriculture and livestock sector, particularly in the remote regions of Punjab, including districts of South Punjab.

Representatives from the business community also highlighted the potential of the tourism sector in Punjab and also stressed on the need to set up public-private partnership models. They also asked for increased travel and hospitality initiatives and start-ups in the sector to boost tourism. Regarding the promotion of women entrepreneurship, it was proposed that Punjab Growth Strategy and forthcoming Annual Development Plan 2019-20 could provide a budget for the establishment of women business parks, as seen in several other regional economies.

Published in Daily Times, March 20^th 2019.