Daily Times

The Multan Chamber of Commerce and Industry (MCCI) on Tuesday appealed to the federal government for formulating and implementing effective economic and industrial reforms with an aim to improve exports and reduce business costs in the country.

Reportedly, MCCI president Malik Asrar Ahmed Awan said that circular debt, trade deficit, lower exports, currency devaluation, water scarcity and lack of resources for the industrial sector have halted economic growth of Pakistan.

He stated that the new government needed to consult ‘real’ stakeholders to resolve such issues.

“Pakistan contains all essential resources in becoming an economic giant, but appropriate measures with proper direction and sincerity, courage and zeal are required to move ahead,” he said, adding that Prime Minister (PM) Imran Khan would need to adopt concrete policies in this regard.

He urged the PM to bring all political opponents on a same platform for the development and prosperity of the nation.

He appreciated construction of dams, and said that Pakistan should reduce its dependence on India and Afghanistan in terms of water resources.

He expressed hope that early revival of public sector enterprises would be one of the top priorities of the government.

He revealed that the total loss of the enterprises has reached Rs1.2 trillion.

“Pakistan is carrying a massive load of $90 billion external debt and faces major economic challenges, and therefore cannot sustain in spending huge amount of money on these institutions,” he said.

He emphasised on an investment-friendly environment in order to promote trade in the region, and said that if appropriate measures were taken on the priority basis to eradicate trade barriers, and streamline custom procedures, the intra-regional trade in South Asia would nearly quadruple from the current $28 billion to over $100 billion.

He revealed that the business community has offered support to the federal government, and said that the government should offer relaxation to expatriates for sending money to Pakistan through banking channels, and state-run corporations should be sold, the FBR and other institutions should be monitored properly, and diplomats should be given export targets.

Published in Daily Times, September 5^th 2018.