Home General Providing business friendly conditions to investors govt’s top priority: Imran

Providing business friendly conditions to investors govt’s top priority: Imran

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ISLAMABAD: Prime Minister Imran Khan says providing conducive and business friendly environment to investors is top priority of the government.

He said this while talking to Chief Executives of two Chinese companies including President of Global Sales XCMG Dr. Hanson Liu and Chairman HSS Group Syed Saman Hashmi who met him in Islamabad on Wednesday.

Advisor to the Prime Minister on commerce Abdul Razak Dawood and Special Assistant to PM Syed Zulfiqar Abbas Bukhari were also present during the meeting.

During the meeting Prime Minister highlighted the steps taken by the Government to provide maximum facilitation to the investors, reducing cost of doing business and improving ease of doing business.

Prime Minister Imran Khan emphasized that construction of 05 million housing is a flagship program of the Government which will open up new opportunities for the allied industries and provide employment for youth of the country.

Prime Minister also welcomed the HSS and XCMG’s commitment and interest in housing and manufacturing sector.

Speaking on the occasion, Chief Executives of both Chinese companies expressed commitment of two billion dollars investment in Pakistan in Housing and manufacturing sectors.

HSS Group expressed its commitment to allocate US $2 billion in partnership with XCMG for building the 5 million homes project of Prime Minister Pakistan. HSS Group is a global partner of XCMG and other major Chinese companies.

XCMG is China’s No. 1 leading total solution provider for global construction industry equipment and machinery.

XCMG also expressed its willingness to set up heavy equipment manufacturing plant/assembly-line in Pakistan.

Meanwhile, Prime Minister Imran Khan has said the federal government will play its part to address the problems faced by the people of Sindh.

Talking to Sindh Governor Imran Ismail here on Wednesday, he said well-being of the people of Sindh and addressing their problems is amongst the priorities of the government.
The Governor Sindh apprised the Prime Minister about the ongoing development projects in Karachi.

Matters pertaining to the visit of Prime Minister to Tharparkar and announcement of a package for the local people there were also discussed in the meeting.

Meanwhile, Prime Minister Imran Khan has approved, in principle, the first-ever ‘National Tariff Policy’ that aims at ensuring transparency, predictability and institutionalizing the entire structure of tariff regime of the country. The decision was taken at a meeting in Islamabad Wednesday with Prime Minister Imran Khan in the chair. The draft policy, approved by the Prime Minister, would be presented before the Federal Cabinet for its consideration.

Highlighting salient features of the policy, Secretary Commerce Mr. Mohammad Younus Dagha said that the major objectives of the National Tariff Policy (NTP), which has been drafted after detailed and comprehensive discussions with the stakeholders, is to improve competitiveness through access to raw materials, increase employment opportunities by attracting investment through transparent and predictable tariff regime and remove anomalies in tariff structure, causing distortions.

Policy principles include tariff as a trade policy instrument, reducing exemptions and concessions, cascading tariff structures with stage of processing of a product, strategic protection to domestic industry and competitive import substitution.

The new policy also envisages establishment of a broad-based Tariff Policy Center in the Ministry of Commerce to formulate proposals for improving tariff structure in pursuance of the objectives of the National Tariff Policy.

The Prime Minister appreciated the efforts of Commerce Ministry in formulating a comprehensive tariff policy for the first time in the history of the country which, he said, will greatly restore confidence of the business community by providing for a transparent, predictable and institutionalized structure for tariff setting.

The Prime Minister observed that the economy, especially the trade and industrial development suffered in past due to ad-hocism and unpredictability of tariff structure resulting in capture of the economy by vested interests and rampant corruption. – NNI