Friday, November 27, 2020

Mian Zahid: Stagnant exports have damaged crumbling economy

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Adil Ghaffar
Adil Ghaffar
Experienced Chief Executive Officer with a demonstrated history of working in the financial services' industry. Skilled in Negotiation, Business Planning, Microsoft Word, Accounting, and Team Building. Strong business development professional with an ACA focused in Accounting and Finance from institute of chartered accountants of Pakistan. Contact: [email protected]

Former minister Mian Zahid Hussain said that the Stagnant exports have damaged crumbling economy, all claims and steps to ensure development remained unsuccessful.

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President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain said last one year remained troubled for masses, the business community, and the economy.

All the new steps considered to be revolutionary in nature failed to improve situation leaving masses disappointed while new experiments frequent change in policies and stagnant exports took a toll on the economy, he said.

Mian Zahid Hussain said that masses were made to believe that the system will improve if the country has honesty leadership which proved otherwise.

Talking to the business community, the veteran business leader said that masses were told that corruption worth billion is taking place daily and honest leadership will stop it making the country self-sufficient while $200 billion stashed in foreign banks will be brought back to retire entire debt and start a new era of progress and prosperity which is also proved a false promise.

The former minister noted that last one year has proved that countries cannot remain on a steady course automatically without shilled leadership.  He said that contradictory statements on CPEC, promises, delay in important projects, frequent visits of Chinese officials are adding to the anxiety in masses and business community.

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GIDC issue also added to stoked uncertainty while unnatural IMF targets have stopped the wheels of the economy. Masses are not willing to buy the policy of blaming former governments for everything.

The veteran business leader said that industrial units are being closed, inflation and unemployment is increasing while record devaluation of the currency has not improved exports as expected. He said that exports cannot be improved through lip service and failed initiatives, therefore, the government should establish sector-specific export councils and their performance should be monitored by Prime Minister Imran Khan.

Read also: Mian Zahid: Reduced cotton production will be a threat to textile industry

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Adil Ghaffar
Adil Ghaffar
Experienced Chief Executive Officer with a demonstrated history of working in the financial services' industry. Skilled in Negotiation, Business Planning, Microsoft Word, Accounting, and Team Building. Strong business development professional with an ACA focused in Accounting and Finance from institute of chartered accountants of Pakistan. Contact: [email protected]
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