Importance of business in economic growth highlighted

LAHORE : President of the Lahore Chamber of Commerce and Industry Almas Hyder said that ease of doing business was more important factor than say for businesses growth and for a sustainable economy.“It is a good omen that present regime is well aware of the importance of ease of doing business and trying to change the scenario in this regard through economic reforms”, the LCCI President said while talking to a group of business leaders here on Sunday. He said that importance of businesses cannot be undermined for economic development as they provide jobs to the growing population, generate revenue for the government to run the affairs of state and attract foreign investment to the country which not only provides employment but also brings new technologies.The LCCI President said that Pakistan is at 136th place in the international index of ease of doing business while ranking of a number of those countries is better than us who have fewer resources. “Pakistan is at 130th position in starting a business, 166th in dealing with construction permits, 167th in getting electricity, 161 in registering property, 112th in getting credit, 26th in protecting minority investors, 173rd in paying taxes, 142nd in trading across borders, 156th enforcing contracts and at 53rd in resolving insolvency in the international indexes”, Almas Hyder added and said ‘we have to take giant leaps towards improvement in these rankings of Pakistan’. He suggested that a company office in Pakistan should be formed for incorporation of new companies. For dealing with construction permits, Almas Hyder suggested that electronic One Window Operation at LDA should be established and automation of construction permits should be completed at LDA, including electronic submission of application.Almas Hyder said that reduction in number of taxes, change the mode of payments will help jack-up Pakistan’s international ranking in paying taxes. He also suggested that revenue (tax) collection should be separated from services as it would help government to manage the affairs in a better manner. “Getting electricity is one of the major economic indicators and ‘we have to make these better if we want to compete impressively with our competitors in the international market,” he added. He said that registration of property should be easy for the businessmen through modern technologies and one-window operation.

from The News International - Lahore http://bit.ly/2GAxLWD