Asad Umar sees economic revival from next year 

ISLAMABAD: Planning & Development Minister Asad Umar has said that the government was committed to promoting multiple sectors so as to give a much-needed boost to the country’s economy.

The federal minister said this while addressing the business community at the Islamabad Chamber of Commerce & Industry (ICCI) on Thursday.

Earlier, a flag hoisting and cake cutting ceremony was held in connection with the 73rd Independence Day of Pakistan which will be observed tomorrow (Friday). A large number of businessmen were present on the occasion.

Asad Umar noted that due to Covid-19 pandemic, the UK economy has shrunk by 20pc in a quarter while the US economy contracted by 32pc, “but Pakistan’s economy did not face such a slump”.

He said due to the prudent measures adopted by the government, the current account deficit has come down from $20 billion to $3 billion.

“The government is focussed on promoting multiple sectors and we will be celebrating the next year as the year of growth,” he said, adding that the business community had no doubt faced a lot of difficulties due to coronavirus, but better times were ahead for them.

He said that a fixed tax regime for traders was currently under consideration, assuring the businessmen that a meeting would soon be held in the ICCI to resolve key issues of the business community.

Speaking on the occasion, ICCI President Muhammad Ahmed Waheed said the government must ensure ease of doing business as well as a conducive business environment in order to steer the economy out of current challenges.

He informed that the Covid-19 pandemic had badly hit the businesses, urging the government to take on board the private sector and form new policies to address key issues and accelerate economic growth. The ICCI president resolved that the business community would strive hard for the progress and prosperity of Pakistan.

Other trade leaders said on the occasion that Pakistan was endowed with lots of natural resources and the government should cooperate with the private sector to transform the country into a rising economy.

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