“It is the responsibility of the government to register businesses whereas the already registered ones are constantly penalised for being in the tax net,” he said PHOTO: FILE
This was the crux of speeches delivered at a seminar on the "Impact of globalisation on public and private sectors of Pakistan" at the Lahore Chamber of Commerce and Industry (LCCI).
Speakers said the world had become a global village and had created great economic opportunities for the developed as well as developing countries.
However, they decried that Pakistan was still lagging behind and was in dire need of measures to avail itself of the benefits and meet the challenges of economic globalisation.
They said globalisation encouraged greater free trade, capital flow and integration of the global trade cycle.
Unfortunately, Pakistan cannot tap the opportunities as it is struggling to cope with serious economic problems like decreasing exports and swelling trade deficit. These factors are impeding the country's ability to compete in the global market.
Speaking on the occasion, LCCI President Abdul Basit said globalisation was gaining momentum each day and "instead of fearing it, we should enhance our competitiveness."
He pointed out that the manufacturing sector needed support of the government to overcome the issues of high input cost and lack of skilled human resources among others to compete in the international market.
It would also help produce employment opportunities, give a considerable boost to national exports and also generate more revenue for the national exchequer, he said.
LCCI Vice President Muhammad Nasir Hameed said globalisation had allowed free flow of trade, investment and human capital across international borders.
"Keeping in view the ground realities, our trade and investment policies should be liberalised and attractive for foreign investors," he suggested.
Convenor Standing Committee on Public/Private Linkage and Entrepreneurship Development Uzma Manzar called for enhancing industrial competitiveness, developing human resources, adopting better economic policies and promoting information technology among entrepreneurs.
She underscored the need for framing short- and long-term policies for international trade and to tackle brain drain.
Published in The Express Tribune, January 21st, 2017.
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