KARACHI: There is an urgent need to improve the country’s ranking in the ‘Ease of Doing Business’ index, the Overseas Chambers of Commerce and Industry (OICCI) leadership said on Thursday.

With a potential consumer market of over 70 million middle class and around 100m youth, Pakistan is a lucrative market for some big international investors.

In an interactive media session, OICCI Irfan Wahab Khan and Secretary General Abdul Aleem said the country must bring tax reforms, remove bottlenecks by encouraging coordination and harmony between the federal and provincial tax collecting authorities.

Although 2015-16 saw significant improvement in energy production and law and order situation, but sudden decisions like announcing mini-budget and imposing regulatory duties disturbed the investors’ confidence and future plans.

He urged the government to ensure consistency in its economic policies, introduce tax reforms, and improve the country’s ranking in ‘Ease of Doing Business’ below the 100 mark.

The OICCI chief was of the view that Pakistan needs clusters of small and medium enterprises to create employment opportunities with proposed special economic zones (SEZs) being the best place for them.

He further added that despite lacklustre economic activity during the past year, the OICCI members have reinvested over $2.7 billion in Pakistan.

Published in Dawn, October 19th, 2018