Businessmen pledge to expedite economic uplift

Industrialists have vowed to work with the government on fast-tracking economic development and achieving prosperity in the long term as the country's macroeconomic indicators are already showing positive trends.

Celebrating Pakistan's Independence Day, they noted that diplomatic and trade ties with major countries were also improving while global think tanks were giving encouraging signals about the economic outlook.

In a statement, SITE Superhighway Association of Industry President Masood Pervaiz said that the industrial and business community was optimistic about economic recovery and growth in the coming years on the back of improving trade ties with the US and China.

"On the Independence Day, we express our solidarity with the country's leadership and vow to cooperate with the government on socio-economic development of the country," he remarked.

Pervaiz voiced hope that the government would address concerns of the industrialists and business community to improve business climate and investor confidence through favourable policies and a fearless environment for doing business.

Speaking on the occasion, Federal B Area Association of Trade and Industry President Sheikh Muhammad Tehseen extended support to the government, saying that businesspersons were ready to uplift Pakistan's image and contribute to economic prosperity.

He urged the government to work on reducing the cost of production and improving the ease of doing business for local and foreign companies to stimulate investment and enhance exports.

Tehseen stressed that higher utility costs should be curtailed and interest rate should be slashed to single digits, which would encourage domestic and multinational companies to continue to run their businesses and make investments in Pakistan.

He added that business-friendly policies, especially for small and medium enterprises (SMEs), would help the government create employment opportunities and reduce poverty.

Convener of the Federation of Pakistan Chambers of Commerce and Industry's Standing Committee on IT Khushnood Aftab emphasised that the government should promote made-in-Pakistan products and services in both domestic and international markets.

"The policy of localisation will not only slash the import bill, but will also help the country become self-reliant and acquire technology in different fields," he said.