ICCI expects business-friendly budget, measures to enhance market competitiveness.

ISLAMABAD -- President Islamabad Chamber of Commerce and Industry (ICCI), Muhammad Ahmed Waheed has expressed the hope that upcoming budget for the fiscal year (2020-21) would be business-friendly, aiming at promoting conducive business and investment environment.

In an interview with reporter, the ICCI President said that low cost of inputs and compatible energy prices would help promote ease of doing business and make Pakistani products competitive in the international market where the country had to compete with many regional countries.

He proposed duty-free import of industrial machinery for modernization of local industry to help enhance capacity and capability of this sector for competing in the world markets.

'The strong and modern industrial infrastructure will guarantee expansion of export sector and lead to economic development and property,' he remarked.

He was of the view that the recent extension of Generalized Schemes of Preferences -Plus (GSP- Plus) Status by European Union and China Pakistan Free Trade Agreement (CPFTA) -II provided a big opportunity to the local exporter to access these potential markets for boosting exports.

'In Chinese market, we would have huge opportunity in terms of zero tariffs on 313 main export items including $1 billion annual tariff reduction facility on sugarcane and pesticides,' he said

He said that the regional trade was also important, hence there was need to tap this potential through accessing regional countries, particularly five Central Asian Republics.

He said that recent peace development in Afghanistan would have positive impact on the regional trade integration and economic...