Economic conditions on improvement trajectory: Dr Ishrat Hussain

KARACHI: Advisor to Prime Minister on Institutional Reforms Dr Ishrat Hussain on Saturday said the economic conditions of the country were on improvement trajectory, ARY News reported.

“The government is offering a number of incentives to entice foreign investors in various sectors of the economy,” Ishrat Hussain said while addressing the event ‘Distinguished Lecture Series- The Economy of Modern Sindh’ here at IBA Karachi.

He said the investment and development of tourism, housing and construction would increase job opportunities for youth of the country.

The minister said a number of power projects under the umbrella of the China Pakistan Economic Corridor (CPEC) would be completed by 2022.

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He said Pakistan’s foreign investment policy was overly independent. Most of the investment under the CPEC had been made in the energy sector, he added. He said the government would have to review foreign investment. “The foreign investment will have to be transferred to the export sector.”

Ishrat Hussain said efforts were being made in the country for industrialization and ease of doing business.

He said reforms were being brought in tax collection system. He said the current tax collection system of Pakistan discouraged investment.

The advisor to prime minister on institutional reforms said the prime minister would himself supervise reforms in the Federal Board of Revenue.

“Taxes will be increased with the help of database and technology. Authorities of tax staff will be reduced,” he said.