ISLAMABAD: Chairman United Business Group of Federation of Pakistan Chamber of Commerce and Industry (FPCCI) Shahzad Ali Malik said Pakistan needs sustainable double digit annual growth rate for sound economy and long term result oriented strategy that can propel into such high trajectory of growth.

Chairing meeting of top leaders of business community across country here, he said that ongoing Russia-Ukraine conflict had badly affected our fragile economy with spiraling inflation, high costs of raw materials and disruption in global supply chain that led to poor growth and less demand.

He said that in prevailing scenario, unless WAPDA, Railways, PIA, Pakistan Steel Mills and all other loss incurring entities were restructured on modern scientific lines and managed strictly on merit and sound business principles, fiscal imbalances would persist.

He said that major investments in energy sector were needed to add affordable supplies of electricity and gas to all industrial and commercial consumers and reduce electricity line losses in its transmission.

He said that reducing cost of doing business was also an important pre-requisite and there were number of areas where Pakistan had to intensify efforts and modify policies and institutions.

Published in The Daily National Courier, January, 13 2023

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