Businessmen hope new govt will put economy on sustainable growth path

Pakistan has plenty of natural resources and great potential to emerge as strong economy

ISLAMABAD  -  Business community has pinned high hopes on the new government to put the economy on sustainable growth path.

The political parties have not gained simple majority in the National Assembly in the recently held general elections and there would be a coalition federal government. However, the new government would have to face mammoth econom­ic challenges. As like other seg­ments of the society, the busi­ness community has also high hopes of the federal govern­ment to stabilize the economy.

Ahsan Zafar Bakhtawari, president of Islamabad Cham­ber of Commerce and Industry (ICCI), hoped that the newly elected government would put the economy on the path of a sustainable growth trajectory by taking priority measures to address the key issues of the business community and maxi­mizing ease of doing business in the country. He said that Paki­stan has plenty of natural re­sources and a great potential to emerge as a strong economy. He stressed that the newly elected government should focus on good governance and regula­tory reforms to unlock the true economic potential of the coun­try and make it a hub of busi­ness and investment activities.

Ahsan Bakhtawari said that the rising inflation, high en­ergy prices, unaffordable bank markup, policy inconsistency, complicated regulatory re­gime, import restrictions, etc. are some of the major factors that are hindering the growth of business activities and em­phasized that the newly elected government should engage the private sector in consultation to address these issues on priority basis and facilitate the better growth of trade and industrial activities in the country.

ICCI president said that the newly elected government should focus on enhancing re­gional trade to promote exports and investment opportunities. He said that the new govern­ment should encourage export diversification and cooperate with the private sector in pro­ducing value-added goods to boost exports. He said that the new government should facili­tate the private sector in em­bracing digital transformation that would help foster innova­tions and create new jobs for youth. He reiterated that ICCI would extend all possible coop­eration to the new government in endeavors targeted to make Pakistan a hub of business and economic activities.

Faad Waheed, Senior Vice President ICCI, said that high energy costs in Pakistan have made the industry and exports uncompetitive and emphasized that the newly elected govern­ment should focus on renew­able energy to reduce high pro­duction costs and make exports competitive in the international market. Engr. Azhar ul Islam Zafar, Vice President ICCI, said that streamlining the regula­tions and ensuring policy con­sistency should be the key focus of the newly elected govern­ment to attract local and foreign investment and promote busi­ness activities in the country.

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