ISLAMABAD: Nasir Mansoor Quraishi, President of the Islamabad Chamber of Commerce and Industry (ICCI) has said that the goal of Pakistan becoming a trillion-dollar economy is possible through industrial competitiveness and long-term economic policies.
The goal of Pakistan becoming a trillion-dollar economy is possible only with industrial competitiveness and productivity, for which Ease of Doing Business (EODB) is an important factor, Nasir Mansoor Quraishi, President, ICCI Said this in an exclusive interview with APP.
The president of ICCI said that for sustainable economic growth in the country’s economy, the cost of doing business must be reduced so that the country’s industry can be competitive in the international market and domestic brands can be introduced as significant players in the global market.
Nasir said that pharmaceuticals, Information Technology (IT) and textiles sectors can play an important role in the country’s economy, and these industries play a significant role in the export of goods, the government will have to pay special attention to these potential sectors in the upcoming budget 2025-26.
He said that in the upcoming budget, important steps are needed to enhance modernization, innovation and human resources capital in these potential industrial sectors, which will further improve the country’s economy in the global ranking.
The president of ICCI said that the industry in Pakistan wants to pay taxes, but for this, reforms are needed in the tax system, and there is a need to broaden the tax net in the country.
He said that the Federal Board of Revenue (FBR) should onboard the industrialists and businesses to improve the FBR system, and in the next budget, the FBR to further improve the tax system by implementing the suggestions from the industrial sector.
He said that the current tax system of Pakistan needs automation and digitization, which will improve data collection and broaden the tax net.
Nasir said that simplification of the tax system and competitive energy prices are important in the development of the country’s economy, and the government should pay full attention to them.
He said that under the One Window Operation, the entire economic system of the country should be regulated so that foreign investment flow to be improved in the country.
