The government would comply with the directions of the Supreme Court of Pakistan regarding privatisation of Pakistan Steel Mills. However, the ongoing privatisation process would continue without any interruption.
Advisor to Prime Minister on Finance, Dr Salman Shah, stated this while talking to newsmen after MoU signing ceremony regarding launching of software of SAP Business One Enterprise Solution for SMEs Sector in Pakistan. The MoU was signed between Abacus Consulting Pakistan and SAP, world's largest enterprise solutions company, here on Saturday.
The Advisor said: "We would ensure transparency in the privatisation process.' Regarding levy of 15 percent sales tax on airlines tickets, he said that the travel agents were not adopting due procedure, resulting in loss to the national exchequer. However, discussions were underway to devise strict procedure to get rid of pilferage of government revenue, he added.
Earlier, he reiterated that as a result of government's consistent economic policies, the country's economy had registered substantial growth and would further grow in future. Due to concerted efforts made by the President and Prime Minister, foreign investors' confidence had been revived, which resulted in significant increase in foreign direct investment, he said.
"Pakistan has witnessed record rise in foreign investment during the financial year 2005-06 which is the outcome of the government's concerted and persistent economic policies. The government's economic, investment and privatisation policies have started producing desired results which can be assessed from stability of exchange rate, rising growth rate, performance of the bourses in the region. Besides, encouraging growth in the manufacturing sector, pace of privatisation also reflects the success of the government's policies, he said.
"It conclusively proves that our economy is in an expansive mode and in the years ahead it would grow at a much faster pace," he added. The President of Abacus Consulting, Asad Ali Khan, said that with the rapidly growing economy and tough competition due to globalisation, indigenous companies were becoming more conscious to have state-of-the-art facility.
Managing Director of SAP Malaysia, Pakistan and Brunei SAP Eric MacDonald said that this exciting partnership would significantly benefit the small and medium enterprise sector in the country. SAP Business One is an integrated, affordable business management solutions system designed specifically for small and midsize businesses. For the first time, business owners have a single system that automates their critical operations, including sales, finance, purchasing, inventory and manufacturing and offers an accurate, up-to-the-minute picture of their business, he said.
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