ISLAMABAD - Finance Minister Asad Umar on Tuesday said that the government would soon introduce necessary changes in the Finance Act 2018 to make it more relevant to the current economic state of the country.

He made these remarks in a meeting with delegation of Overseas Investors Chamber of Commerce and Industry (OICCI), led by Irfan Wahab khan, president of OICCI. The delegation greeted the finance minister on taking charge of his new responsibilities. The minister welcomed the delegation and acknowledged the importance of the corporate sector in the development of Pakistan.

President OICCI apprised the minister that OICCI wanted to share their vision of future development of the country and how the overseas investors could become the drivers of change in the journey. The delegation shared its ideas and proposals to build the investors’ confidence both local and foreign for bringing in more investment to Pakistan.

The finance minister appreciated the efforts of the OICCI in assisting the government in the matters of policy formulation that could help attract further investment. The minister said that the government is firm on its commitment to address the key structural issues of Pakistan’s economy. The minister said that the government is holding consultation for setting up the Business Advisory Council to establish a liaison between government and business community to make Pakistan the regional hub for investors. The minister said that it is his vision to introduce latest technology in tax system to reduce hassle and bring in more transparency to the system.

The minister also said that the government wants to address the issues of twin deficits on a long term basis and he believes that the key to the problem lies in promoting manufacturing industry and creating jobs for the youth of the country and this is the area where Overseas Chamber could assist and lead the way.

The minister also assured the delegation of his all possible support in improving business environment in the country.

Meanwhile, a delegation of All Pakistan Exchange Association, led by Allauddin Sheikh, also called on the Federal Minister for Finance, Revenue and Economic Affairs Asad Umar here on Tuesday.

The delegation apprised the minister of the services being offered by its members to the Pakistanis. The delegation also shared with the minister the issues they had been facing due to smuggling of foreign exchange through various means. The members of the delegation also informed the minister regarding the regulatory requirements that were hindering the growth of this important sector.

The delegation also shared their proposals for stopping the illegal export of US dollars from different channels and suggested measures to control under invoicing of imports.

The finance minister thanked the delegation for its valuable suggestions and assured them of his full cooperation in solving their genuine issues. He said that this service sector could also help in controlling Hundi and Hawala thereby ensuring remittance of foreign exchange through legal channels.

The delegation also shared with the minister that their association has donated 20 million in the Dam Fund on the Fund Raising call from the Prime Minister. The Finance minister appreciated and thanked the delegation for their contribution.