Daily Times

The SAARC Chamber of Commerce and Industry and Islamabad Chamber of Commerce and Industry (ICCI) Monday felicitated Mian Shahbaz Sharif for securing a vote of confidence in the National Assembly as leader of the house.

In separate messages, President SAARC Chamber of Commerce and Industry Iftikhar Ali Malik felicitated Mian Shehbaz Sharif for becoming the prime minister. He said that combined opposition had voted him to power for living up to the aspirations of the downtrodden people of all strata of the society.

He said the business community is proud that Shehbaz Sharif is elected through democratic process. He said that the business community always firmly believed in rule of law, supremacy of the constitution and promotion of democracy besides strengthening of national integrity, safeguarding sovereignty and defending the security on top priority.

He said now the entire business community pinned high hopes that the ever increasing widening trade deficit would be narrowed down to stabilize the crumbling national economy on sound footings.

He said the only way to address this core issue was to offer another excellent package of incentives to boost the exports manifold and ease of doing business was also a major key factor for sustainable economic growth.

Malik hoped Shehbaz Sharif with varied diversified rich experience as CM of the largest province and former President of Lahore chamber would contribute towards economic development and to do away with red-tape and de-regulations besides tax reforms focusing on promotion of tax culture in every sphere of life.

He said all stakeholders must also be taken on board to make viable prudent economic policies to accelerate the growth and speed up industrialisation across the country. He said soon well conceived balanced export oriented charter of economy would be presented to him which he added if implemented will usher in an era of prosperity, progress and development besides improving socio economic condition of have nots.

Meanwhile, ICCI President Muhammad Shakeel Munir said that reviving the economy and putting it on the path of sustainable growth should be the top priority of the new government as making the economy stable and resilient is the key for a better future of Pakistan.

Munir said that currently the economy of Pakistan was facing multiple challenges including unbearable local and foreign debt, rising inflation, falling value of rupee, declining foreign exchange reserves, growing fiscal imbalances and dwindling foreign direct investments. He said these challenges required that the new government should immediately engage the private sector in the consultation process to evolve a comprehensive strategy for economic revival of the country.

He stressed that all economic policies should be made by taking the business community fully on board that would help in creating a conducive environment for the growth of business and economic activities.

Jamshaid Akhtar Sheikh, senior vice president, and Muhammad Faheem Khan, vice president, said that the new finance minister after assuming charge should immediately start visiting the major chambers of commerce & industry of the country starting such visits from ICCI to consult with the business community and get their input before finalising the upcoming budget.a
They said that the new government should focus on reducing high tax rates and broadening the tax base in the upcoming budget to improve the tax revenue of the country. They said that the budget should facilitate promotion of business and investment activities instead of putting more tax burden on the existing taxpayers.