ISLAMABAD, March 7: The combined Task Force on investment here on Friday decided to formulate a comprehensive report on various irritants being faced by the business community.

The meeting, which was presided over by Prime Minister’s Adviser on Investment and Privatization Dr Hafeez Sheikh, also decided to submit the report to the higher authorities.

The combined task force was comprising business leaders, academicians, intellectuals and senior officials of Board of Investment (BoI).

According to an official statement, Mr Sheikh said the businesses community needed to come up with concrete proposals for eradication of various irritants so that they could be incorporated in the report.

He explained to the participants that effective bodies existed, which could remove the irritants and impediments faced by the businessmen. In this behalf, he explained the role of ECC, CCOI and BoI.

Chairman BoI Waseem Haqqie, who was also present on the occasion, said that he along with the adviser will soon meet the chief ministers of Punjab and Sindh and will try to secure from them some commitment to evolve a mechanism to resolve the problems indicated so far by the business community.

Commenting on the suggestion that the GST rate must be reduced to lower the cost of doing business and encouraging the businessmen to opt for the formal sector, Mr Waseem Haqqie said that the chamber bodies should play an effective role in collection adequate revenues.

During the meeting, the representatives of the business community pointed out that the irritants were discouraging investment in the country.

They emphasized on the need of making the officials of the revenue department business-friendly. They particularly called for appointing a senior government official who should deal with the investors and businessmen.

They said that the current geopolitical situation was not friendly and was a matter of concern for the businessmen. All the factors combined, they said, the result was that the local investors were not showing enthusiasm to invest, although bank interest rates were now single digit and were low.

The declared corporate profitability of various companies ranged from 20-60pc, therefore, the business climate was not so unfavourable, they said. “The government is eager to see the domestic investors playing their part in the uplift of the country, said the Chairman BOI.