Pakistan poised to get EU GSP Plus Scheme for next 10 years: Sarwar.

ISLAMABAD -- Former Governor Punjab Chaudhry Muhammad Sarwar said that he had played an active role in getting the GSP plus scheme from the European Union for Pakistan and he is still working hard to get an extension of this scheme for Pakistan.

He said that Pakistan would hopefully get the EU GSP Plus facility for the next ten years. However, he said that Bangladesh had increased its exports by five times with the GSP plus scheme of the EU, while Pakistan could not take full advantage of this facility.

He emphasized that the business community sector should try to take full advantage of this facility in order to enhance exports to EU countries.

He said this while addressing the business community during his visit to Islamabad Chamber of Commerce and Industry (ICCI).

Ch. Muhammad Sarwar said that exports and remittances combined had brought around USD 300 billion to Pakistan in the last five years, but even today we were forced to accept every condition of the IMF for just USD 2 billion, which was the outcome of our inappropriate strategy.

He said that the business community had a key role in the development of the economy as it created jobs, promoted wealth creation and boosted tax revenue of the country.

However about 20 departments are in pursuit of the business community due to which doing business in Pakistan is a difficult task.

He said that many overseas Pakistanis had achieved great progress in various fields and if they were given better incentives and better protection in Pakistan, many of them were keen to invest in their home country.

He said that if the government gave better incentives to overseas Pakistani pensioners, they could bring millions of dollars into the country.

He said that the pensioners of the developed world wanted to live in cheap countries in their old age and Pakistan could take advantage of this situation.

He said that if the country's 20 largest business groups were taken into confidence, they could help to pay off Pakistan's debt.

He further said that the real estate sector had the potential to discharge all the debt of Pakistan, but they needed to be taken into confidence in that regard.

He also showed concerns over the loss-making SOEs including PIA, Pakistan Steel Mills, Railways, DISCOS and circular debt of electricity and gas companies.

He said that without solving these problems, the recovery of the economy was a difficult task.

He...

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