ISLAMABAD: Prime Minister Shehbaz Sharif has set up a 13-member committee to review and address bottlenecks and issues faced by Japanese investors on a monthly basis and report to him periodically, official sources told Business Recorder .
The committee headed by the Minister of Finance and Revenue, Dr Miftah Ismail and comprising the Minister of Industries and Production, Minister of Commerce, Minister of Science and Technology, Minister of Investment Advisory ( BoI), Attorney General of Pakistan, Secretary of Finance, Secretary of Commerce, Secretary of Science and Technology, Secretary of Industry and Production, Governor of State Bank of Pakistan , the Chairman of the FBR and the Secretary of the BoI will recommend measures to ensure a quick resolution of the problems of Japanese companies working in Pakistan and to attract new investments.
Other Terms of Reference (ToR) of the Committee are: (i) to ensure and facilitate the prompt resolution of political and administrative problems of existing Japanese investors and encourage them to invest more, promote localization and establish manufacturing oriented towards export to Pakistan; (ii) review and improve existing incentive programs for investors in existing sectors and explore opportunities for additional investment by Japanese companies in new sectors, particularly renewable energy, agriculture and technology. information, etc. ; and (ii) make short, medium and long term recommendations to promote investment in existing and new sectors.
A delegation from the Japan Association of Commerce and Industry (JACI) met with the Prime Minister on June 6, 2022 and submitted recommendations to resolve the issues. The Association has suggested the transparent implementation of industrial policies for a stable development of the automotive market on the following grounds: (i) fostering an automotive market environment which should be supported by policy incentives that cover not only manufacturers but also consumers; (ii) a continued policy of tax incentives to stimulate demand for new, locally-built automobiles (i.e., removal of the tax, sales tax, and FED increase by the ordinance of 2022 income tax change announced in January 2022); and (iii) continued implementation of the policy to curb imports of refurbished used vehicles – a total of 33,318 used vehicles were imported in 2021, a 73% increase from a year to year.
Copyright Business Recorder, 2022