President Dr Arif Alvi on Wednesday said that the Government was cognizant of the problems being faced by business community and was undertaking every possible measure to promote business friendly environment in the country.
He appreciated the role being played by the private sector in economic development of the country.
The President was talking to Chairman, Pakistan Textile Exporters Association (PTEA), Khurram Mukhtar, who along with a delegation called on him at the Aiwan-e-Sadr.
The President highlighted that tough economic conditions of the country call for taking difficult decisions, but the Government was committed to improve the economy.
He underlined that it was an important component of the Government’s strategy to reduce trade deficit by curbing import of non-essential and luxury items.
He stated that the Government was also striving to reduce the cost of doing business and had introduced sales tax zero-rating regime for five export oriented sectors, i.e., textile, leather, carpets, surgical and sports goods.
He emphasized that investment in research & development and human resource of textile sector, in which Pakistan enjoyed comparative advantage, was essential for economic revival.
The President stressed that the business community needed to play its active role in encouraging businesspersons to pay all their taxes, so that budget deficit could be reduced and more funds could be allocated for development work.
He reiterated that a synergy of all economic sectors must be ensured to solidify the gains that the country had already made and to explore opportunities for further growth.