Saturday, April 17, 2021

Business community expresses worries over the economic situation

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Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com

President Dr Arif Alvi has said that the Government is seriously striving to revive the economy and improve standard of living of masses while results of our selfless efforts will emerge soon. He said that economic revival is impossible unless the private sector is facilitated which will enable them to boost production, exports and create jobs.

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President of Pakistan meet the delegation of the business community led by President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister Mian Zahid Hussain.

The delegation included Zakaria Usman, Shaukat Ahmed, Shaukat Hussain Vohra, Saquib Fayyaz Magoon, Haji Sheikh Muhammad Shafique, Haji Abdul Ghani Usman, Shahid Anwal, Qamar Anwal, Javaid Essani, Shabbir Hassan Mansha Churra, Sheikh Sultan Rehman, Shakeel Ahmed, Aamir Shafique, Ali Zahid and others.

The president said that investment-friendly environment was topmost priority as it is imperative for economic progress and prosperity. The private sector generates resources necessary for national development and improvement in the social sector, he said.

President Arif Alvi asked the business community to focus on exports which is essential for economic stability of the country. Appreciating the services of the business community, he said that they should put in more efforts to play a leading role in uplifting the economy.

The delegation discussed the increasing cost of doing business, gave proposals to boost exports, expressed concern over exchange rate erosion and rising inflation, sought the president’s attention towards the stock market, raised issues confronting commercial exporters and discussed Karachi Safe City Project.

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They also gave suggestions to improve the business environment and supported the upcoming amnesty scheme terming it imperative for national development. However, they said that higher tax should be avoided in the amnesty scheme and it should be easy to avail for which it should be free of complexities enabling the government to raise revenue and expand the tax net.

Supporting the policy of discouraging luxuries to cut import bill, they expressed concern over the trade deficit and receding forex reserves which can compromise the country’s ability to effectively deal with IMF. On the occasion MNA Aftab Jehangir provided facilitation to the President of Pakistan.

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Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com
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