LAHORE: Lahore Chamber of Commerce & Industry (LCCI) President Almas Hyder said on Saturday that ‘Ease of Doing Business’ was a more important factor than say for businesses growth and for a sustainable economy.
“It is a good omen that present regime is well aware of the importance of Ease of Doing Business and trying to change the scenario in this regard through economic reforms,” he observed while talking to a group of business leaders here. Almas Hyder said that importance of businesses could not be undermined for economic development as these provide jobs to the growing population, generate revenue for the government to run the affairs of state and attract foreign investment to the country which not only provides employment but also brings new technologies.
“Pakistan is at 136th place in the international index of ease of doing business while the ranking of a number of those countries is better than us who have fewer resources. Pakistan is at 130th position in starting a business, 166th in dealing with construction permits, 167th in getting electricity, 161 in registering property, 112th in getting credit, 26th in protecting minority investors, 173rd in paying taxes, 142nd in trading across borders, 156th enforcing contracts and at 53rd in resolving insolvency in the international indexes,” he maintained. Almas Hyder said that Pakistan had to take giant leaps towards improvement in these rankings, suggesting that a company office in Pakistan should be established for incorporation of new companies.
He added that an electronic One Window Operation at LDA (Lahore Development Authority) should be established and automation of construction permits should be completed at LDA including electronic submission of application.
Almas Hyder said that reduction in the number of taxes, change the mode of payments would help jack-up Pakistan’s international ranking in paying taxes. He also suggested that revenue (tax) collection should be separated from services as it would help the government to manage the affairs in a better manner. “Getting electricity is one of the major economic indicators and we have to make these better if we want to compete impressively with our competitors in the international market,” he opined. He said that registration of property should be easy for businessmen through modern technologies and one-window operation.
Trudeau’s Tory rival pledges balanced budget in 5 years
OTTAWA: Canada’s Conservative leader and Prime Minister Justin Trudeau’s main rival in upcoming elections pledged Friday to balance the government’s budget within five years, backtracking on a previous target.
An average of several recent polls gives the Tories a six percentage point lead over the Liberals ahead of the October ballot.
Andrew Scheer previously vowed that balancing the budget could be done within two years, but now claims “Trudeau has made an even bigger mess of the budget than I thought possible.
“And he has made the job of cleaning it up that much more difficult,” he said in a speech to the Canadian Club in Vancouver.
Canada’s economy surged after the Liberals took office in 2015 and unleashed a massive stimulus. But growth is forecast to slow this year.
Finance Minister Bill Morneau in his March budget pointed to 900,000 new jobs created since 2015 and the lowest unemployment rate in 40 years.
The government’s fiscal deficit, however, is projected to balloon to Can$19.8 billion (US$14.7 billion) — after Trudeau abandoned his 2015 pledge to run a few small deficits and return to balance this year.
Still, Canada’s debt-to-GDP ratio is lower than its G7 counterparts and is expected to fall over the coming years from the current 30.7 percent.
Scheer said, “even the most optimistic projections don’t have the Liberals balancing the budget for 20 more years.”
“But if Canadians elect a Conservative government this fall, we will balance the budget in about a quarter of that time,” he said.
Canada unveils air passenger bill of rights
OTTAWA: Airline passengers in Canada will soon be eligible for significant compensation for delayed flights or lost baggage under regulations announced Friday by Transportation Minister Marc Garneau.
The measures follow a rising number of complaints about being stuck on the tarmac for hours, musical instruments being broken in transit and lost baggage.
“Our goal was to provide a world-leading approach to air passenger rights that would be predictable and fair for passengers while ensuring our air carriers remain strong and competitive,” Garneau said.
“These new regulations achieve that balance and will give air travelers the rights and treatment they pay for and deserve.”
Starting July 15, airlines will be required to disembark passengers after three hours on the tarmac if there is no prospect of taking off soon.
They would also need to compensate passengers bumped from overbooked flights up to Can$2,400 (US$1,800) and up to Can$2,100 for lost luggage.
As of December 15, additional measures will require airlines to pay passengers up to Can$1,000 for flight delays and cancellations, provide food, drink and accommodations, and rebook them on new flights — using competing airlines if necessary.
They would also have to seat children near a parent at no extra charge and develop new standards for transporting musical instruments.
The latter was in response to travelling musicians complaining on social media about broken guitars and other instruments during flights.
The rules apply to flights to, from and within Canada.
According to Canada’s government statistics agency, there are an average of 5.5 million take-offs and landings at Canada’s 91 airports each year.
Due to its vast geography, air transportation is crucial for connecting parts of the country. A flight from easternmost to westernmost Canada takes about eight hours.
Vice President’s upcoming visit to further deepen friendship, advance CPEC development: China
BEIJING: Chinese Vice President Wang Qishan’s upcoming visit to Pakistan will further deepen high-level exchanges, friendship and mutual trust between China and Pakistan and advance development of the China-Pakistan Economic Corridor (CPEC) besides bilateral cooperation across the board, a Chinese foreign ministry’s spokesperson said on Friday.
“We believe the vice president’s visit will further deepen high-level exchanges, friendship and mutual trust between China and Pakistan and advance the CPEC development and our cooperation across the board,” Lu Kang said while responding to a question of APP regarding the significance of the visit during his daily press briefing held here.
He said the visit would inject a new impetus in a closer community of shared future in a new era for two countries.
The spokesperson said the Chinese vice president would be visiting Pakistan from May 26 to 28 at the invitation of Prime Minister Imran Khan.
“Wang Qishan will be meeting with President Arif Alvi and hold talks with Prime Minister Imran Khan and exchange views on deepening bilateral relations and international and regional issues of mutual interests,” he added.
Lu Kang remarked that China and Pakistan were all-weather strategic cooperative partners and iron friends, adding, “We firmly support each other on issues concerning each other’s foreign interests.”