Daily Times

President SAARC Chamber of Commerce and Industry Iftikhar Ali Malik on Sunday said that a stronger private sector could help Pakistan realize its economic potential.

Talking to a 10 member woman traders delegation led by Ms Ayesha Shafique, he said that only the private sector plays a key role in pushing economic growth upward, generating job opportunities, and providing oxygen to domestic industry besides boosting exports in addition to the promotion of small and medium sized enterprises (SMEs).

National expert on SME and founder Secretary General SAARC Chamber Rehmat Ullah Javed was also present on the occasion who also shared his expertise based on his life long experience.

Iftikhar said that Pakistan has tremendous untapped economic potential that needs to be fully exploited through prudent key policy actions to help create new marketing opportunities, mobilize private investments to create more jobs and to help the country in coping with the impact of Covid-19 on its economy.

He stressed the urgent need for reforms in the wake of the pandemic’s impact on the country’s private sector, especially on SMEs that drive so much of Pakistan’s economy.

He said that Pakistan can foster a more innovative, competitive and entrepreneurial economy and reinvigorate growth by addressing critical constraints that are limiting private sector investment.

He said that a private sector-led growth agenda needs to be equitable and benefit Pakistan’s many SMEs and also offer jobs and opportunities for more than two million young people who join the labor force each year.

He said that to improve the national economy on the pattern of advanced and developed countries, women participation is essential in every sphere of life, which constitutes more than 52 percent of the total population.

He said that forth-coming SME policy must focus on productivity, enhancement and competitiveness of products by SMEs in the local and global markets to achieve sustainable development in the country.