ISLAMABAD, Oct 30 (APP): National Coordinator Special Investment Facilitation Council (SIFC) Lieutenant General Asad ur Rehman Afzal Cheema has said that the process of identifying suitable land for the establishment of a special economic zone in Islamabad is underway in consultation with the Punjab Government and hopefully that the matter would be resolved at the earliest.
He stated this during a meeting with a delegation of the Islamabad Chamber of Commerce and Industry (ICCI), led by its President Mohammad Zikria Akbar Zia, which called on him to highlight the key challenges confronting Islamabad’s business community and discuss measures to promote industrialization, investment and economic growth.
The delegation included Senior Vice President Mohammad Ashfaq Hussain Chatha and Secretary General Ghulam Murtaza, said a press release issued by the ICCI here on Friday.
Asadullah gave a patient hearing to the concerns raised by the delegation and assured that the issues would be taken up with the relevant authorities for appropriate resolution adding that said that the business community could submit its regulatory and administrative issues through the SIFC portal for expeditious processing and resolution, as the Council refers such complaints to the relevant government departments and authorities for necessary action.
He also endorsed the proposal for establishing a state-of-the-art exhibition centre in the vicinity of Islamabad, recognizing its significance in promoting trade, investment and business activities. The SIFC National Coordinator further highlighted the investment potential of the Karachi Industrial Estate and encouraged the business community to explore investment opportunities there and benefit from the available facilities.
Earlier, ICCI President emphasized the need for allocating a suitable site for the development of a modern industrial estate in Islamabad, which would provide local businesses with new opportunities for industrial expansion, investment and employment generation.
He also stressed the importance of establishing an international-standard exhibition and convention centre in the capital to host national and international exhibitions, showcase Pakistani products, promote exports and provide local businesses with greater access to international markets.
Highlighting the policy and regulatory challenges affecting the business environment, he drew attention to State Bank of Pakistan regulations relating to debt recovery and high port charges, which are creating difficulties for the business community.
He emphasized that consistency and continuity of economic policies were essential for sustainable economic growth, stressing that Pakistan needed a predictable economic policy framework with a minimum ten-year horizon to restore investor confidence, encourage long-term investment and enable businesses to plan and expand their operations.
Source: APP (Associated Press of Pakistan)
