Economy out of red zone: Ahsan Iqbal

Minister says country needs high tax receipts, $30b FDI to become stable economy

ISLAMABAD:

Federal Minister for Planning and Development Ahsan Iqbal has said that tough decisions have been taken to stabilise the economy as the country was heading towards default when the new government came to power.

“Now, the economy has been brought out of the red zone and is moving towards improvement while efforts are afoot to reconstruct it,” he said.

Speaking to businessmen at the Islamabad Chamber of Commerce and Industry (ICCI), he cited that the surge in exports, export-led growth, enhanced tax revenue, $25-30 billion annual foreign direct investment (FDI), political stability and consistency in policies were the key requirements for Pakistan to emerge as a stable economy.

The minister said that China’s annual imports stood at $1 trillion and Pakistan’s business community should focus on increasing their share in the huge market to improve trade with China.

Furthermore, the government is paying attention to facilitating the small and medium enterprises (SMEs) and supporting the business and agriculture sectors to the optimum level to improve the economy.

In addition to that, the government is seeking proposals from the chambers of commerce to abolish or amend the laws that are creating hurdles in the way of private sector’s efforts to turn around the economy.

The minister asked businessmen to form a task force for preparing and sharing effective proposals with the planning ministry for consideration and implementation.

He stressed that the ICCI should share its proposals for an industrial estate, which would be given due consideration, adding that the ICCI would also be given representation in the advisory board of the Ministry of Planning.

Published in The Express Tribune, July 8^th, 2022.

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