Minister for Planning, Development and Special Initiatives Prof. Ahsan Iqbal said the country's small and medium-sized enterprises (SMEs) have the potential to earn almost $40 billion yearly through firms focused on exports. He emphasised the importance of improving the tax collection system and boosting the country's exports on a sustained and aggressive basis, while speaking at a Karandaaz report-launching ceremony through Zoom connection.

He said that the country has to encourage an export-oriented culture. He asserted that the present administration's major economic problems may be solved with the help of an efficient tax system, increased exports, effective use of foreign remittances, and foreign investment. According to the minister, the federal government's tax and non-tax earnings totalled Rs. 5,200 billion, but it also inherited a Rs. 5,000 billion debt payment responsibility.

Ahsan Iqbal declared that the government is determined to increase the tax-to-GDP rate with its cautious economic policies from 9.5% to 18%. He believes that in order to boost income, the country must look into new resources; otherwise, all money would go towards paying off debt. In light of the government's efforts to encourage investment in business, the minister recommended that foreign remittances be invested in other industries rather than real estate.

Credit: Independent News Pakistan-WealthPk