Govt urged to reshape economic policies in view of global recession

'Despite PM's assurances, FPCCI and other top corporate leaders are not being taken on board by policymakers'

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SAARC Chamber of Commerce and Industry Senior Vice President and Pak-US Business Council Chairman Iftikhar Ali Malik said on Monday that sustainable and durable economic stability is a prerequisite for the survival of the country and strengthening of democracy.

“The government should take all stakeholders into confidence so that a new result and growth-oriented judicious economic policies could be evolved,” he said in a press statement. “Despite the categorical assurance of Prime Minister Imran Khan, the Federation of Pakistan Chamber of Commerce and Industry (FPCCI) and other top leaders of the corporate sector are not being taken on board by all policymakers.”

He urged the government to reshape its economic policies in view of the global recession trends, as that would help restore the confidence of foreign and local investors.

“At this critical juncture, the government must come to rescue the business community and immediately offer a package of incentives to small and medium traders,” the statement read. “All the developed and advanced countries, including USA, Korea, China, France, Germany and Russia, have attached great importance to the promotion of small and medium enterprises (SMEs) which are significant for the strengthening of the economy.”

Malik urged the government to conduct market research so as to find out new destinations for the Pakistani products, adding that Pakistani missions abroad should be duty-bound to introduce Pakistani products to foreign buyers.

He said the Pakistani missions must also ensure dissemination of trade-related information so that Pakistan entrepreneurs could avail trade opportunities to the maximum.

“It is time to diversify our businesses and add new products to attract maximum foreign buyers for Pakistani products,” he stressed.

The senior SAARC official noted that a majority of traders, businessmen, industrialists and exporters have voiced their concerns regarding the slow pace of economic growth, urging the government to take appropriate steps to arrest the gradual decline so as to save the industry from total collapse.

He maintained that the entire business community is paying taxes on time and that the issue of taxation must be resolved amicably without affecting industrial growth.

“The entire business community stands united with Prime Minister Imran Khan’s stance on India’s belligerence in the disputed valley,” he concluded.

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