US official applauds business friendly policies in Pakistan

KARACHI: United States (US) Commercial Counselor in Pakistan Nathan Seifert on Monday said that their priority is to divert the attention of the US companies towards business prospects in the country, ARY NEWS reported.

He said that during the visit of Prime Minister Imran Khan to the US, the prospects of improving bilateral trade between the two countries also came under discussion.

“The US business community members are searching for the investment avenues in the country,” he said while addressing a gathering of Pakistani traders in Karachi.

He further applauded the efforts being taken from the government aimed at simplifying the business procedures and creating a suitable atmosphere for investments in the country.

In October 2019, Pakistan climbed 28 ranks on the World Bank’s Ease of Doing Business Index 2020 to gain 108th position.

The country has also secured a place among the top ten global business climate reformers.

Pakistan ranking 136 previously, carried out reforms in the last one year that helped improving its ranking to 108, the World Bank’s “Ease of Doing Business 2020”, an annual report released on Thursday quoted as saying.

The economies with notable reforms in Doing Business 2020 are Saudi Arabia, Jordan, Togo, Bahrain, Tajikistan, Pakistan, Kuwait, China, India, and Nigeria, according to the report.

The WB report said that Pakistan made starting a business easier by expanding procedures available through the online one-stop-shop in both Sindh and Punjab. Furthermore, it abolished the Labor Department registration fee in Punjab.

Pakistan also made paying taxes easier by introducing online payment modules.

It made getting electricity easier by enforcing service delivery time frames also increased the transparency of electricity tariff changes.

Moreover, it made obtaining a construction permit easier and faster by streamlining the approval process.