The Punjab government will establish special economic zones in every district of the province, while a policy for the establishment of Women SME will be introduced soon.

These views were expressed by the speakers while addressing a Public-Private Dialogue arranged by the Punjab Board of Investment and Trade to address the impediments faced by exporters.

Provincial Minister for ICI&SDD Mian Aslam Iqbal, Provincial Finance Minister Hashim Jawan Bakht, Special Assistant to CM on Business, Investment & Trade Sardar Tanveer Ilyas Khan, Chief Executive Officer PBIT Dr Erfa Iqbal, representatives from prominent chambers of the province, business community, govt. departments including State Bank of Pakistan, FBR, TDAP, Income Tax and a large number of exporters attended the dialogue.

Dr Erfa Iqbal welcomed the participants and said that the significance of the exporting sector in Pakistan’s economy can hardly be debated. An increase in exports is vital to improve a country’s trade balance and balance of payments. Punjab Board of Investment & Trade (PBIT) convened this Public-Private Dialogue, bringing together notable stakeholders to prepare an action plan with a view to boosting exports of the country.

The meeting thoroughly held deliberations on the various issues faced by exporters and suggested a number of proposals for their amicable resolution. Participants expressed that to meet the needs of the rapidly growing population of Pakistan, policymakers must contend with the numerous issues that impede the economy, and reassess past strategies for development, that have not yet borne results.

As we pass through an era of unprecedented change and complexity, it is imperative that we refresh our framework for national development. We believe that once effectively addressed, our challenges likewise offer unprecedented opportunities for transformational progress, they said.

Mian Aslam Iqbal while talking to the participants said that today the national planning process is more participatory, collaborative, people and market-oriented.

The Minister assured participants that their suggestions are well noted and will be discussed in the pre-budget sessions to develop a better economic strategy for economic progress and financial independence. He directed related officials from various departments to note down the issues and suggestions of participants to deliberate upon during the budget sessions.

He disclosed that the Punjab government will establish special economic zones in every district of the province to expedite industrialisation, which would ultimately provide youth with immense employment opportunities and stabilize the economy in the long run.

Provincial Finance Minister Makhdoom Hashim Jawan Bakht said that plans succeed when they manifest the aspirations of a nation, empower the citizens, and especially the private sector, to play their respective roles, provide equal equitable opportunities to all and assign a very well-defined role to government as a supporter, facilitator, regulator and performance-driven service provider.

He said the banking sector is the backbone of business development. We have derived a strategy to restore all dry-ports in Punjab and good news in this regard is on the cards. He said that a proposal for the payment of interest on subsidy to banks is already made, while revolutionary steps for the agricultural transformation are going to be introduced in the upcoming budget.

Special Assistant to Chief Minister on Business, Trade and Investment, Sardar Tanveer Ilyas Khan said that our ultimate destination is to see Pakistan among the largest economies of the world. Recent years have witnessed the transformational impact of the deepening of democratic culture and institutions. These steps have helped in stabilizing the macroeconomic environment of the country, which is evident from growing foreign exchange reserves, robustness in the stock market, growing economic engagement of friends of Pakistan in the development sector, and stabilization of the Pak Rupee.

Participants at the roundtable emphasized that the export sector needs to see credible commitment and follow-up from federal and provincial governments, and reassured that they are willing to make further investments if they receive the right governmental support, including simplification of cumbersome processes and procedures through effective one-window facilitation. They called upon the government, the central bank, customs department and other relevant authorities to initiate measures to simplify the complicated laws and regulations to give a boost to regional trade.

Provincial Minister Mian Aslam Iqbal said in his closing remarks that having taken necessary short-term actions to stabilize the economy, it is logical that the focus shifts towards the medium to long term framework that will bring Pakistan’s economy to its full strength and potential.