ISLAMABAD:

The business community has sought government’s intervention to protect investors from alleged harassment by the Federal Board of Revenue (FBR).

The issue has been raised in the past as well. The FBR “has become a symbol of fear, which is still haunting investors”, business leaders said, adding that policy inconsistency was also a cause for concern; therefore, the government should ensure stability in its policies.

They requested the government to draft a bankruptcy law to attract local and foreign investors. Other countries have already formulated such laws, but Pakistan has not yet introduced them.

Special Assistant to the Prime Minister on Industries and Production Haroon Akhtar Khan on Friday announced the formation of a sub-committee for drafting and evaluating proposals for the bankruptcy law. He chaired a meeting of the PM committee on the introduction of bankruptcy law.

The session emphasised the importance of creating a conducive environment for investment in line with the vision of Prime Minister Muhammad Shehbaz Sharif.

Expressing concern over the absence of a structured bankruptcy framework, the committee highlighted that there had been a longstanding gap in the country’s investment ecosystem.

Khan noted that restoring the confidence of international investors was a top priority of the government. He reiterated the government’s commitment to aligning Pakistan’s investment climate with global standards and said that the introduction of the bankruptcy law would be a vital step in that direction.

To facilitate the formulation of the law, the committee reviewed international best practices and the legal models adopted by other countries. On the occasion, economists, legal experts and representatives from the business and investment community shared valuable insights and recommendations to ensure that the new law could address the needs of both local and foreign investors.