LAHORE, Feb 1 (Pakistan Point News - APP - 01st Feb, 2017 ) : World Bank consultant Marcos Griffin on Wednesday suggested the government to take more effective measures for improving the export. He was addressing the Stakeholders consultative session of promotion of trade and Investment jointly organised by Punjab board of Investment and Trade (PBIT) and International Finance Corporation (IFC) World Bank Group at a local hotel. The session aimed at seeking ways and means to exploit investment potential in Pakistan.
PBIT Chief Executive Officer Haroon Shaukat, DG Muhammad Mudassar Tipu, Lahore Chamber of Commerce and Industry (LCCI) President Abdul Basit and a large number of private sector's representatives attended the consultative session. Marcos Griffin underscored that in order to increase export of various industries; the policies required on each step should be one of the key focus areas of the government. The policy should not be limited to specific export promotion programmes otherwise a balance of payment issue might become a concern in the future due to repatriation of profits from FDI (Foreign Direct Investment), he opined.
While, PBIT chief Haroon Shaukat said, "In our quest to unlock country's potential, we are bringing in local and international investors for one-on-one consultations with local businesspeople. This approach is effective in addressing business and investment challenges in country's economy." The Punjab Growth Strategy, he mentioned, set a target of doubling GDP growth rate of Punjab by 2018 ie from 3.5 per cent to 7 per cent, to absorb the one million people entering the workforce every year.
The PBIT was contributing to achieve national development goals such as job creation, sector development, technology transfer, skill development and market connectivity, he maintained. The implementation of a sound, impact-oriented and stakeholder-informed strategy was important to an IPA's effectiveness. The strategy aimed to develop framework that stimulated the private sector investments as a sustainable process for growth, he said. Haroon Shaukat mentioned that Punjab is a model province in Pakistan, compared to other provinces Punjab has starting offering Mass Transit system for the common man, proper waste management of metropolitan cities, Safe city concept (under implementation in Lahore).
He emphasized that the Punjab government was focusing on value addition within textile and agro industries in Punjab. World Bank Consultant Marcos Griffin applauded the efforts being taken by the Pakistan government to carryout welfare projects and increasing tax collection base, terming it a step in the right direction. The stakeholders at the consultative session emphasized that government should explore, set up and expand different branches of chamber of commerce in different countries to help boost exports. On top of this, as IT industry in Pakistan was doing really well, IT sector should be promoted internationally by the government to bring in foreign revenue.