Hurdles: Saarc body points out problems impeding growth

Says higher production, less expenditures could tackle inflation

LAHORE:

Saarc Chamber of Commerce and Industry Vice President Iftikhar Ali Malik has said that political instability, severe energy crisis and high rate of markup are impeding the economic growth of the country.

He expressed these views while speaking to the executive committee of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI).

He said high markup was crushing the entire industrial sector and the issue would be taken up with all the authorities concerned for seeking a solution. “Simplification of taxes is also a top priority.”

Malik suggested that a tight monetary policy was not the only solution to the high inflation rate and it could be tackled easily by increasing production and cutting unnecessary expenditures.

“The business community would have to put in more efforts to increase production and exports,” he said, adding focus should particularly be on the export of non-traditional items.

He said the main objective of the FPCCI was the promotion of trade and industry and all available resources would be utilised for an economic turnaround as the current meltdown had started taking its toll on the industries.

Published in The Express Tribune, October 12^th, 2014.

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