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

Talking to a 10 member woman traders delegation led by Ms Ayesha Shafique, he said that only private sector play key role in pushing economic growth upward, generating job opportunities, providing oxygen to domestic industry besides boosting export in addition to 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 Pakistan has tremendous untapped economic potential that needs to be fully exploited through prudent key policy actions to help create new marketing opportunities, mobilise private investments to create more jobs and 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 pandemic impact on country’s private sector especially on SMEs that drive so much of Pakistan’s economy. He said 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 a private sector led growth agenda needs to be equitable and benefit Pakistan’s many SMEs and also offer jobs and opportunities for the more than two million young who join the labor force each year.

 He said to better national economy on the pattern of advanced and developed countries women participation is essential in every sphere of life who constitute more than 52 percent of total population.

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

 Iftikhar Ali Malik said proposed SME policy also must outline package of incentives for women oriented business thus reducing gender gap in financial inclusion and mainstreaming the role of women in the economy.