The American Business Council of Pakistan (ABC) has submitted budget proposals for 2023-24 to the Ministry of Finance and Federal Board of Revenue (FBR) with a specific focus on the standardization of taxation and measures for the protection of international investors.
The executive delegation of the American Business Council of Pakistan (ABC) met with senior government officials to discuss ways to enhance engagement, encourage foreign direct investment (FDI), and boost economic growth.
The meetings were held with Minister for Commerce Syed Naveed Qamar, Special Assistant to the Prime Minister on Finance Tariq Bajwa, Special Assistant to the Prime Minister on Revenue Tariq Mehmood Pasha, and Securities & Exchange Commission of Pakistan (SECP) Chairman Akif Saeed.
This coalition of leading American companies is a substantive development partner for Pakistan. They employ 75,000 people directly and millions along their supply chains, while also providing globally relevant technological advancements across sectors. The network’s capital investment in the last three years stands at Rs. 57 billion, with a contribution to the national exchequer of Rs. 159 billion in 2022.
During the meetings, the delegation discussed the ease of doing business, standardization of taxation and revenue policy, and the protection of international investors and their local interests to ensure continued economic growth.
The delegation was led by Jamshed Safdar President of ABC (CEO, ULS/UPS), Amin Mohammad Khowaja (Member Executive Committee and CEO, J.P. Morgan), S.M. Wajeeh (Member Executive Committee and Country Manager, Pfizer Pakistan), Sami Wahid (Managing Director, Mondelez Pakistan), Asif Ahmed (Country General Manager, IBM), Adnan Shaffi (CEO, PriceOye), Haseeb Aslam (Managing Director, FMC) and Aisha Sarwari (Director Public Affairs Communications, Coca-Cola).
The delegation emphasized the importance of better engagement with the government to achieve mutual goals and interests. The delegation urged to standardize revenue policy to ensure a uniform business landscape.
The American companies also presented several sector-specific recommendations to the government leaders on how to create economic resilience in a post-flood economy through a partnership. The meetings between the ABC delegation and Pakistani government officials were a positive step towards creating a stronger partnership between the public and private sectors.
