Economy in critical phase: minister

Finance Minister Asad Umar said on Friday that the government is working to separate the tax policy formulation and tax collection administration as part of tax reforms to facilitate the taxpayers. Speaking to the business community here at Islamabad Chamber of Commerce & Industry (ICCI) after inaugurating the newly constructed Export Display Center (EDC) building of ICCI, he stated that a Tax Policy Board would be formed and business community would also be given representation in that board.
Asad Umar asked the ICCI to develop a master economic plan of Islamabad keeping in view the natural endowments of this region and share it with the government so that the available endowments of the region could be exploited for the economic development of Islamabad.
The minister said the ICCI should also prepare recommendations to guide the government which types of industries should be set up in the planned Special Economic Zone in Islamabad. However, he said that Islamabad has good potential for ICT industry as 27 higher education institutes are producing educated youth including IT professionals in the federal capital.
Asad Umar said that the economy is in critical phase but it would improve with the efforts of the government. He said the government is working on a plan to provide 100 million gallons of water per day to Islamabad that would resolve water shortage issue and would also benefit the local industry in Islamabad. He assured that the government would cooperate with ICCI for new industrial estate in Islamabad.
Speaking at the occasion, President ICCI Sheikh Amir Waheed said that a new industrial estate is badly needed in Islamabad for industrialization as there is no further space in the available industrial estates for setting up new industries.
He urged that the government should provide suitable land in Islamabad for this project. He said almost 90 percent issues of trade and industry are related to CDA and the government should appoint sitting President ICCI as member of CDA Board that would help in smooth resolution of key issues of business community.
He also briefed the federal minister for finance about the purpose of constructing Export Display Center and hoped that it would contribute towards promoting exports.