LAHORE - Lahore Chamber of Commerce and Industry has called for improving ease of doing business (EODB) index for encouraging foreign investment.
LCCI President Almas Hyder said that grabbing of international trade opportunities means more foreign exchange for the country. “Good EODB ranking would also influence positively to the foreign direct investment, domestic businesses, employment generation and revenues of the state”, he said.
Federal Board of Revenue (FBR) has started to play a leading role in this regard and took a number of revolutionary measures. “Appointment of Shabbar Zaidi as Chairman FBR is a good move”, he said, adding, measures like barring FBR officials from conducting raids without approval and stoppage of bank account attachment would create business-friendly atmosphere in the country. He said that Pakistan can easily take hold of top position in ease of doing business if other departments follow the suit.
Almas Hyder said that Pakistan has all resources to become an economic leader. Economic situation would be quite good once ease of doing business was improved in Pakistan. He said that importance of businesses could not be undermined for economic development as they provide jobs to the growing population, generate revenue and attract foreign investment to the country which not only provides employment but also brings new technologies.
Senior Vice President Khawaja Shahzad Nasir and Vice President Faheem-ur-Rehman Saigal said that the LCCI has done a lot of work for ease of doing business. The LCCI started work on EODB in 2015 and brought this important factor to main streamline. They urged making collective efforts to become economically strong country.
They said that Pakistan holds 130th ranking in starting a business, 166th in dealing with construction permits, 167th in getting electricity, 161st in registering property, 112th in getting credit, 26th in protecting minority investors, 173rd in paying taxes, 142nd in trading across borders, 156th in enforcing contracts and 53rd in resolving insolvency.
They said that these were the most important indicators which reflect the economic health of any country besides ensuring smooth running of businesses.