ISLAMABAD : Federal Minister for Finance, Revenue, Economic Affairs, Statistics and Privatization, Ishaq Dar, has said that new companies’ law is important to cultivate corporate culture, mobilize investments and encourages investors in the country.
Addressing a seminar on the draft companies bill, 2016, organized by the Securities and Exchange Commission of Pakistan (SECP), Senator Dar said that raise in the foreign direct investments (FDIs) would have a positive impact on the national economy. He suggested that more time should be served on consultation of draft companies’ bill to come up with a modern and comprehensive legislation.
Dar asked the professionals and business leaders to come up with suggestions and feedback on draft companies’ bill. He advised the SECP chairman to concluded the consultation process in one month so that the bill could be laid down before parliament before the presentation of the federal budget in June.
The finance minister appreciated the work done by SECP and congratulated the Chairman SECP in initiating and working towards conclusion of a long expected law. The Minister said that time has proved that the selection committee choice was right for the position of Chairman SECP. The honorable minister Ishaq Dar said that that PML-N government is successfully implementing its home grown agenda which was part of its manifesto. He said that his government has achieved economic turnaround in just half of its tenure and its economic achievements are recognized globally. He pointed out that the country has achieved a 4.24 percent growth in GDP 2015, which is the highest in the last seven years.
The fiscal deficit is expected to as low as 4.3 percent for current year and foreign remittances are expected to as high as 19.5 billion dollar, he added. He said that the government is targeting up to 6 to 7 percent GDP growth by 2018; therefore to fulfil the growing energy needs, projects are underway to add up 10,000 megawatts of electricity in the national grid by March 2018. The Minister also emphasized the need for a continued review of the corporate laws administered by SECP and advised the top management at SECP to continue with reforms in accordance with best international practices and not to be hesitant in bringing positive changes. Dr. Tariq Hasan, Advocate Supreme Court of Pakistan, former Chairman SECP, Mr. Asad Ali Shah, Chartered Accountant, Managing Partner, Deloitte, former President, ICAP, Hafiz Muhammad Yousuf, President ICAP and Mian Muhammad Adrees, Chairman, Sitara Group of Companies, former Chairman, FPCCI, the speakers of the event, briefly highlighted the key features of the draft companies bill and gave their insight on the changes being proposed through the Bill. The seminar was attended by leading professionals related with the corporate sector, eminent lawyers, chartered accountants, cost and management accountants, office bearers of chambers of commerce and industries, businessmen and other professional and business institutes and bodies. Dar was the chief guest on the occasion.