KARACHI: The Federal Minister for Commerce, Engr Khurram Dastgir, said here on Thursday that the country will overcome power crisis by 2017 as several energy projects have already been initiated across the country. "All resources, including hydel, nuclear and coal are being exploited to generate sufficient electricity for our domestic and industrial sectors," he added.
Speaking to members of Karachi Chamber of Commerce and Industry (KCCI), the minister said the LNG terminal will also be inaugurated shortly to address the issue of gas shortages.
Reiterating government's resolve to ensure sustained and inclusive economic growth based on justice and equality, he said that the government believed in exports-led economic growth and the target was 20 per cent annual growth in exports.
The minister said that the government after consolidating economy in two years was now in a position to facilitate the export sectors by offering incentives, access to market and a long-term viable policy.
Emphasising the need for working together for progress and prosperity of the country, the minister said: "Our economy is on the right track today due to the far-reaching structural reforms, stabilisation measures and initiatives of the past two years."
Government was introducing business-friendly policies, the minister said, adding that all the concerns of investors, especially those pertaining to tax and refunds will be resolved.
He said that a proper export growth and trade development was being ensured in the country under a broad economical development vision of the Prime Minister Nawaz Sharif.
He assured business community that the government in co-operation with other stakeholders will try its best to cut the cost of doing business.
He said the economic diplomacy being pursued by the government has started paying dividends and, in this regard, he pointed out that the country's exports to the European Union has increased to $570 million in the first four months of current calendar year as compared to the corresponding period last year, thereby indicating an increase of 30pc in exports to the EU countries.
Highlighting the importance of regional co-operation, the minister said that the process of enhancing trade relations with India, Iran and Afghanistan has been initiated.
He said trade with India was continuing through Karachi, Wagah and the Line of Control, while the commerce ministry was in contact with Afghanistan and Central Asian states for improving economic relations and transit trade.
Referring to China-Pakistan Economic Corridor, the minister said that this mega project will reshape the economy of the entire region. On this occasion, he said that though a huge potential of bilateral trade existed between Pakistan and China, it has not been explored fully.
He said the CPEC project will, on the one hand, bring a revolutionary economical change and, on the other hand, it will take Pakistan-China bilateral trade to an entirely new horizon. He informed the business community that Islamabad in its bid to search new markets for boosting exports was negotiating free trade agreements (FTAs) with Thailand, Turkey and Korea. Referring to KCCI's concerns over registration of bogus associations, the minister informed that two DGTOs have already been dismissed on charges of corruption and the last DGTO was currently being investigated.
He advised the KCCI to immediately bring into notice of commerce ministry if they find any wrongdoings in this regard.
He assured the business and industrial community of the city that he will personally advocate KCCI's case for bringing an end to FBR's discretionary powers.
Speaking on the occasion, Businessmen Group's chairman and KCCI's former president Siraj Kassam Teli, accused the FBR of harassing the existing taxpayers only and of not acting against tax evaders.
BMG's vice chairman Zubair Motiwala urged the government to implement 'No Payment, No Refund' system while textile sector must be declared zero-rated and tariffs should be brought down in line with the competitors so that the industry could move forward.
In his welcome address, the KCCI President Iftikhar Ahmed Vohra, said that inconsistency in prevailing policies, high cost of doing business and security concerns are required to be tackled sensibly as these discourage both local and foreign prospective investors to go for fresh investments and capacity enhancements. He was of the view that role of the government was very important for promoting industrialisation and self-sustenance in the form of provision of facilities, skill development and taxation-related incentives.
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