Pakistan should be eying on top position in the international ranking of ease of doing business instead of thinking about jumping just a few notches. Lahore Chamber of Commerce and Industry (LCCI), President Almas Hyder expressed these views while talking to a three-member delegation of the World Bank, led by Lars Grava here on Friday. Textile, information technology, agro business and various other sectors came under discussion during the meeting.
He said that Pakistan has all ingredients to become an economic leader. Economic situation will be quite good once ease of doing business improves in the country. Pakistan is at 136th place in the international index of ease of doing business while ranking of a number of those countries is better than us who have fewer resources, he said.
"Pakistan holds 130th ranking in starting a business, 166th in dealing with construction permits, 167th in getting electricity, 161st in registering property, 112th in getting credit, 26th in protecting minority investors, 173rd in paying taxes, 142nd in trading across borders, 156th in enforcing contracts and 53rd in resolving insolvency. These are the most important indicators that reflect the economic health of any country besides ensuring smooth running of businesses," he added.
"It is a good sign that present regime is trying to change the scenario in this regard through economic reforms," he said. Almas Hyder said that importance of businesses cannot be undermined for economic development as they provide jobs to the growing population, generate revenue for the government to run the affairs of state and attract foreign investment to the country which not only provides employment but also brings new technologies.