Published On: Fri, Dec 20th, 2013
Published in Category: Islamabad

Transit trade volume to be increased with Afghanistan: Dar

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ISLAMABAD: Federal Minister for Finance Senator Ishaq Dar has said that government would increase transit trade volume with Afghanistan from 380 billion to 500 billion rupees .

Addressing a seminar organized by the Federal Board of Revenue (FBR) entitled “integrated transit management system” here on Thursday he said that joint economic commission meeting would be held soon in Afghanistan to trigger the pending development projects.

He said we have to change our mindsets as we have example of different blocks in the world how they lifted their economies? Ishaq Dar said future of the world lies with Asia but unfortunately this region is still lacking. We want good economic relation with India, China and Afghanistan.

Our government inherited a broken economy where double inflation, fiscal deficit, energy crises were big challenges however we have taken unpopular decisions to address all these issues. Structural in-balances and other challenges have left no other option but to go with IMF. Ishaq Dar made it clear that government has not taken any dictation from anyone before going to IMF bailout package. Finance minister further stated government has reduced fiscal deficit and committed to increase investment to GDP to 20 percent in next three years.

Talking about the Prime Minister scheme for businessmen Dar said that it was not an amnesty scheme but was incentive for them to avail it. It would not only increase tax net but boost economic activities in the country. Due to the bold steps rising trend has seen in stock exchange and it went 25 percent up which is a good sign. Market capitalization has been increased to 22 percent, Dar added.

The minister said that Pakistan enjoys its good geographical location where it serves as essential hub to the region. He said it is the ideal route to access the whole central Asian region. To establish links between Gawadar to Kashghar government is developing road infrastructure in the country. More than three billion people would benefit from this linkage. Ishaq Dar stated that the new transit system introduced by the FBR would not only facilitate the goods carriage industry but also reduce smuggling.

At the occasion, an MoU was also signed between Federal Board of Revenue (FBR), SECP and EOBI to establish a one stop shop where investors and entrepreneurs would register themselves and avail all other necessary facilities.