ISLAMABAD: 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.
This was said by Muhammad Shakeel Munir, President, Islamabad Chamber of Commerce and Industry (ICCI). In a statement issued here Monday, he 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 urged for making all economic policies 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 ICCI said that the new Finance Minister after assuming charge should immediately start visiting the major Chambers of Commerce and Industry of the country starting such visits from ICCI to consult with the business community and get their input before finalizing the upcoming budget.
They urged the new government to 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.