The National Finance Commission should design the NFC award to compensate the provinces where the cost of connecting to CPEC highways is high.
Two, reform provincial regulations and upgrade institutions to strengthen economic sectors of comparative advantage. Detailed studies have already been carried out in all four provinces, and in Gilgit-Baltistan, which specify reforms that will maximise CPEC benefits. These need to be implemented. The studies include provincial growth strategies for KP and Punjab; various KP sector studies prepared by the USAID Pakistan Firms Project; and World Bank economic reports for Sindh, Balochistan and GB. Provincial studies on the cost of doing business are also available. The studies identify regularity and institutional hurdles that discourage investment and need to be jettisoned. They also recommend ways of engaging with the
federal government to remove the hurdles under its mandate. Provincial governments must set up task forces to monitor progress on implementing the recommendations.
Three, trengthen local firms to forge joint ventures with foreign firms (including Chinese firms). Forward-looking provincial economies enabled by energy projects and Gwadar port will strengthen the negotiating power of local firms, making them attractive partners in joint ventures. Well-funded, well-staffed, modern and efficient investment authorities must be established to facilitate the joint ventures.
Four, strengthen federal-provincial coordination to develop a nationwide investment programme. Platforms such as the Council of Common Interests and the National Economic Committee need to be strengthened for effective federal-provincial coordination in designing and implementing a countrywide investment strategy associated with CPEC
KARACHI: Chairman of the Gilgit-Baltistan Chamber of Commerce and Industry Jauhar Ali Rakki has demanded that Gilgit-Baltistan should be given share in the national finance commission award.
He put up the demand while representing his area at the first all Pakistan camber of commerce and industry budget seminar here. The participants of the conference backed the demand and said that the area deserved share in the NFC award.
Speaking on the occasion, Jauhar Ali said that the country was under the fire of terrorism and other issues and there was a need to initiate economic activities. He said another major issue was the energy crisis. He appealed to the prime minister to launch work on the establishment of hydropower projects which Giglit-Balatistan had the potential to generate to get the country out of the power crisis.
Besides, he added, tourism sector can also usher in a new era of progress and prosperity in the region.