Businessmen call for bold economic reforms

Stress lower electricity rates, increase in exports to revitalise economy

KARACHI:

United Business Group (UBG) Patron-in-Chief SM Tanveer has emphasised that Pakistan's economic challenges can be resolved through strategic thinking and bold actions, including reducing electricity costs, lowering interest rates, and boosting exports.

He urged the government to take immediate steps to address critical issues and create an environment where local industries can thrive.

The UBG chief said that the key to resolving Pakistan's economic challenges lies in strategic thinking and bold actions at the national level. He stated that the economy can be revitalised through the reduction in electricity costs, lower interest rates, and boosting exports.

During his visit to the Hyderabad Chamber of Small Traders and Small Industry (HCSTSI), Tanveer addressed local businessmen, highlighting the significant challenges faced by the business community.

He expressed optimism about the future, predicting that 2025 will mark the "take-off" year for Pakistan's economy. He also highlighted the Federation of Pakistan Chambers of Commerce and Industry's (FPCCI) commitment to prioritising agriculture.

He reiterated that the federation, along with all chambers of commerce in Pakistan, aims to double or triple business activity to bolster the national economy.

He said Pakistan has entered into a 37-month agreement with the International Monetary Fund (IMF), under which it has secured $7 billion in assistance. However, "this amount is insufficient considering the country's immense industrial potential".

The country can generate $70 billion in revenue if the domestic industry is provided with the opportunity to flourish, he said.

Tanveer pointed out that the cost of electricity in Pakistan stands at 16 cents per unit, whereas the global average is 6 cents per unit. The country's interest rate hovers around 20%, a figure that is stifling growth and forcing businesses to shut down.