Technical assistance: World Bank improving investment climate

Helps private sector to give input for business environment reforms. PHOTO: FILE

Helps private sector to give input for business environment reforms. PHOTO: FILE

LAHORE: The World Bank is working to improve ability of the private sector to engage effectively with policymakers on reforms in business environment in Punjab, which will make the investment climate attractive in the province.

A technical team of the bank said this during a visit to the Lahore Chamber of Commerce and Industry (LCCI) on Friday where it met the chamber’s Senior Vice President Almas Hyder. The bank’s team comprised Ciara Mckeon, Tim Vickery and Saima Zuberi.

They said the bank had linked the reforms with more efficient processes at the Federal Board of Revenue, increased investment and job creation by both domestic and foreign investors.

The main objectives of the mission are to develop an online feedback mechanism for the policymakers engaged in business environment reforms in Punjab and analyse the existing public-private dialogue structure with particular reference to the work being done by the International Finance Corporation (IFC), which is an arm of the World Bank.

The mission will also identify the main stakeholders who will be the primary users of the online feedback mechanism, identify the technologies most commonly used by these groups and analyse the extent to which particular stakeholders, such as women, have equal access.

The online feedback mechanism will enable the stakeholders to provide information for the government about the impact of business environment and priorities and ideas for potential reforms.

The LCCI senior vice president, while welcoming the initiatives of the World Bank team, voiced the hope that these would prove useful for the Pakistani entrepreneurs.

Original news :