KARACHI: Pakistan’s ranking in the international business climate is declining mainly due to weak laws, which is also a hurdle in industrialisation, said Korangi Association of Trade and Industry (KATI) President Masood Naqi.
“Due to weak policies, Pakistan’s ranking has declined from 136th to 138th this year. There is a need for immediate reforms in laws related to business and industry,” he said.
Naqi further said that the environment for doing business was not facilitating in the presence of current laws and regulations. “Documentation, issues regarding credit, complex taxation systems, hurdles in transfer procedures of fund regarding payment and receiving for business purposes are the biggest hurdles in the way of middle and small-level businesses,” he added.
“Moreover, laws concerning the industry i.e. Workmen Compensation Act, Factory Act and labour laws were amended on a provincial level without any meaningful consultation with the business community. Despite highlighting anomalies about the amendments, nothing was done to rectify them,” explained Naqi.
He said it was a good sign that the federal government had started the reform process of laws for the betterment of the business climate in the country and was also coming up with a new Company Act, but he suggested this time for all the stakeholders to be taken onboard during the process.
Courtesy : Express Tribune