Need for close working of govt, private sector : Rana Afzal

KARACHI, Jan 04 (APP):Minister of State for Finance and Economic
Affairs, Rana Muhammad Afzal Khan on Thursday said the economy is gaining momentum after recovering from shocks of the global recession and with improvement in energy and law and order situations in the country.
The Pakistan Muslim League-Nawaz government was all supportive and wanted to extend maximum facilities and incentives to the private sector; considering it as the engine for economic prosperity and development. It was trying its best attract local and foreign investment in various potential sectors especially in energy and CPEC related projects.
He was speaking at interactive sessions with the members of
Federation of Pakistan Chambers of Commerce and Industry, and brokers and officials of Pakistan Stock Exchange (PSX).
At the Federation House, the Minister assured the business community for earliest payment of their pending refund claims.
At present, he continued, the government was paying Rupees 10 to
11 billion refund every month and this amount might be enhanced as Prime Minister Shahid Khaqan Abbasi and his economic team was very much alive of the liquidity problems faced by the businessmen.
He stressed on more interaction and close liaison between the
private sector and the government functionaries and departments for timely resolution of the issues related
to trade and industry , and with focus on rapid and sustained economic growth.
“There is a gap in the working of business community and the
government,” he observed.
He advised the FPCCI leadership to take the trade and industry
issues with the government one by one , and sector specific, along with possible practical solutions.
” It becomes very difficult to address, you come to government with
a junk of issues,” he pleaded.
He suggested that FPCCI should have very organized and high profile
research centre for providing investment models to local and foreign investors.
He expressed his satisfaction that the imports bill mostly linked to
capital goods, instead of consumption items. It was also very good omen that dollar based loans of the country destined to development and industrial growth, he said.
He urged the business community to invest at special economic zones
for availing more incentives and tax relaxations.
Rana Muhammad Afzal Khan highlighted the PML-N government’s
achievements on social and economic fronts over last four and a half years especially in energy sector, law and order. As the last leg to strengthen power supply system, the government was working on transmission and distribution network.
By importing liquefied natural gas (LNG), the shortage of gas had
also been overcome and that more LNG would be imported to accelerate industrialization.
Now, economic indicators of the country were stronger sending very
positive signals for the high economic growth in future, he said.
About increasing trade, the Minister said the government wanted to
increase trade with Afghanistan and Iran and would extend maximum facilities on this account.
He also assured the business community that the government would
continue reforms in Federal Board of Revenue and make it very effective vehicle for fast economic growth.
FPCCI President Ghazanfar Bilour and S.M. Muneer apprised the
Minister for Finance and Economic Affairs of the issues/irritants to trade and industry in the country.
Other prominent business leaders present were FPCCI Senior Vice
President Syed Mazhar Ali Nasir, Vice Presidents Waheed Ahmed, Tariq Haleem, Zahid Saeed, Gulzar Feroz.

Minister for State for Finance and Economic Affairs Rana Muhammad Afzal Khan also visited Pakistan Stock Exchange (PSX) and discussed various issues of capital market with PSX officials and brokers.
He assured that he would be lobbying for the removal of irritants and
win more incentives for the investors in the capital market of the country.
” I am here to listen to you people. Today, I have clarity on many
issues. I will try to resolve the issues one by one,” he remarked.
A detailed presentation was given to the Minister about the PSX
operations and future plans.
Chairman PSX Muneer Kamal and leading stock broker Arif Habib exchanged
their views with the Minister wide range of issues of the capital market.
They suggested certain tax corrections for strengthening the capital
market, which had a big potential to emerge as major capital market in the world.
They also regretted that political instability in the country had
affected the PSX portfolio. However, PSX management was trying its best to revive the exchange up to 53,000 points level.
Arif Habib said that if more incentives were given to the overseas Pakistan, remittance can cross fifty billion dollars which were at below 20 billion dollars at present.