KARACHI: President Mamnoon Hussain on Saturday said the insurance industry in the country would get significance in the near future after development of industries and generation of business activities as a result of the China-Pakistan Economic Corridor (CPEC).
The president opined that fruits of CEPC could be reaped through effective team work.
He was addressing a seminar arranged by the Federal Insurance Ombudsman. Sindh Governor Muhammad Zubair was also present on the occasion.
He underlined the importance of holding seminars to guide and educate the people and the business community in particular.
The president said, “During the last few decades, the trade sector in the country has not only strengthened, but also it has made strides in innovations.”
The youth equipped with relevant professional education in the trade and investment sectors had introduced new trends, he said, stressing upon further improvements in these sectors.
The president observed that trade centres located in certain areas could be functioning under the old and conventional mechanism due to distance from the main industrial and trade centres and it could be the reason of issues related to insurance.
He said every era was being known due to its progress and successes in human development and “our age will be reckoned for unprecedented progress in the shape of CPEC”.
Terming the CPEC as ‘monument of 21st century’ the president said that it would write new chapter in the annals of history by connecting different regions of the world.
The world would long remember it, he said, noting that Pakistan was at the centre stage of this historic moment.
The president stressed the need for the creation of competent and hardworking force to discharge responsibilities emanating from this miracle.
The relevant quarters in the country should also play their role in promotion of business atmosphere which could cater to the need of the countrymen and help compete at the global standards.
The president said against such background, the insurance industry had assumed significant proportions.
The more this sector would become active and solve the complex issues, the more its periphery would increase, he added.
The president opined that its growth would also contribute towards business and investment sectors of the country by attracting confidence.
He termed the insurance sector as vital in the economic activities of the country.
The president further noted that since the ombudsman office was related to public and business complaints, it had not been functioning against the insurance industry. Both were assisting and supplementing each other and could contribute towards business activities in the country.
Federal Tax Ombudsman Raeesuddin Paracha also briefed the gathering about the performance of his office.