Local investors should be encouraged for reducing inflation: President ICCI
By Muhammad Ali Malik

ISLAMABAD—In order to encourage local investors, President of Islamabad Chamber of Commerce and Industry Muhammad Ijaz Abbasi has said 1-2 percent investment tax may be imposed on investment, without asking source of investment, to generate employment, control inflation, increase exports, to earn more foreign exchange and improving the living standards of the people of Pakistan.
Addressing at the occasion of visit by Abdul Basit Khan, Joint Secretary Economic Reform Unit (ERU), Ministry of Finance and officials of ERU, he emphasized that local investors should be treated like foreign investors, giving the same facilities to the local investors as given to the foreign investors, that will help in generating more economic activity in the county.
Muhammad Ijaz Abbasi, said that it is encouraging that representatives from the Economic Reform Unit, Ministry of Finance are visiting Islamabad Chamber of Commerce & Industry to know about the problems being faced by the private sector and actions that government could take for improving the Private Sector development and competitiveness by getting feedback from Chamber. The President highlighting various issues said that government has not developed any future strategy for the establishment of clusters and industrial estates in the country.
He pointed out law and order, shortage of energy, lack of infrastructure and financing as the major factors, which are the causes of low industrial development in the country.
He said that government also lack in providing guidance to the businessmen for setting up those industries which are vital for the economic growth and sustainability, whereas the businessmen with their own efforts choose those businesses, which some times are not sustainable and viable for the country.
He quoting the example of Turkey said that it is going with planning and in every city about 3 industrial estates have been established, and more are in the pipe line. Muhammad Ijaz Abbasi said that Economic Reform Unit is working on a very broad agenda, which would be difficult to handle for the government and suggested to narrow the focus, to find out the practical solution of the indicated problems.