Zardari renews call for Charter of Economy

Urges govt to first make people wealthy and then impose tax on them

LAHORE:

Pakistan Peoples Party (PPP) Co-Chairperson and former president Asif Ali Zardari on Wednesday stressed the need for a “Charter of Economy” and sought formulating long term policies to improve the economy of the country.

The proposal urges all stakeholders to collaborate on formulating a framework for achieving economic growth.

It was first floated by Prime Minister Shehbaz Sharif four years ago – then the opposition leader – at the very start of the PTI government’s tenure but the idea did not gain much attention.

"Let the major businessmen of Punjab come together. I guarantee investment. First, make people wealthy, and then impose tax on them. Pakistan has the potential to move forward now,” the PPP co-chairperson said during his address at a ceremony organised by the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) in Lahore.

Zardari stated that the PPP had always taken care of the business community, adding that improvement in the economy was essential for future generations.

“An economy is not for five or 10 or 15 years. It is for our children. It is [for] the generation to come.”

Read Military expenditures not that significant: Zardari

He stressed the need to protect, promote, and incentivise local investments and businessmen rather than focusing on multinationals, saying they later repatriate their investments almost five times of their actual amount.

“A foreign investor earns $5 for every dollar invested.”

The PPP co-chairperson elaborated that the country needed foreign exchange reserves of $200 billion, noting that reserves of $20 billion were “nothing”.

Censuring one of the highest mark-up rates in Pakistan, he said no one would invest in the country with “such a high policy rate”.

The former president reiterated that Pakistan did not spend a significant amount on military, adding that such claims were mere propaganda.

He observed that no one would question the defence expenditure if the country exported $250 to $300 billion worth of goods and services.

Talking about his past government’s performance, Zardari mentioned that China Pakistan Economic Corridor (CPEC) was conveyed in Pakistan by him. “But unfortunately, our successors prioritised to start some transportation projects out of that great initiative.”

He noted that the transportation schemes could have been initiated through private sector.  “We in Karachi are running public buses through the private sector.”

He added, “Gwadar has been there for 70 years, but no one noticed it… I made a deal with China for Gwadar. Issues are resolved by increasing exports,” he said.

The PPP leader stressed the need to promote public-private partnerships in the country.

He reminded that he had also told PTI Chairman Imran Khan in parliament in the past to “sit down and — do whatever you can do with us. I am used to being in Lahore in the jail rather than at home … But that’s not important because individuals don’t matter.

“But sit down on a Charter of Economy with us. Let us talk to each other. Because you are also going to one day pass away and I am also going to one day pass away … But let us sit down and think beyond. And not for five years, 10 years or 15 years.”

Concluding his address, Zardari urged all the business people to think collectively.

 “You all have to make this Charter of Economy. If you are on this, then we are with you. If you are not on this, then we are not with you.”

A day earlier, while addressing the electoral candidates from Central Punjab at Bilawal House, Lahore, the PPP leader said there was a solution for everything in politics.

“Those who are not skilled in politics don't have solutions. That is why they don't allow things to happen," he said.

Urging the workers to be patient in tough times, he noted that soon they would bear the fruit of their endurance that would alleviate all the pains and sorrows.

“They cannot make an election happen in two months… elections will take place when I decide," he said.

"The PPP and I have always struggled. The workers should be patient because the fruit of patience is something you cannot even imagine. All sorrows and pains will fade away."

Zardari mentioned that during his 14 years in prison, he studied numerous books on economy. “I proposed solutions during my era, which led to our foreign exchange reserves reaching $24 billion. Insha Allah, I will manage the country's economy and raise the foreign exchange reserves to $100 billion."