ISLAMABAD: Minister for Planning Development and Reforms Ahsan Iqbal assured business community to address all hurdles in export promotion and investment development within 15 days to facilitate them for enhancing local exports while attracting foreign and local investment to achieve sustainable economic growth and in country.

Addressing All Parties Conference for Revival of Economy, organised by Islamabad Chamber of Commerce and Industry (ICCI) in collaboration with National Press Club Islamabad, he called upon business community to identify hurdles faced by them in exports promotion and investment development and that would be addressed within 15 days.

He asked for enhancing exports and promoting imports substitute to reduce widening trade deficit and achieving export-led sustainable growth, which was only way to steer country out of economic crises. He stressed need for establishing an export promotion desk in every chamber across country to increase local exports to attract more foreign exchange reserves for attaining economic sovereignty and reducing reliance on foreign loans. Commending initiative of ICC he said that it was most vital event organised to commemorate 75th Independence Day of country. He said most critical challenge faced by country was economic and political instability, adding that charter of economy would help to formulate long term economic policies for economic growth and social prosperity of country. He said that in current period, countries which were economically strong included in list of respectable nations, adding that economic instability forced to compromise your autonomy. He said despite dearth of resources and uneven economic and political conditions, Pakistan became atomic power of world, besides it achieved significant industrial and agriculture sectors growth. He said that then in 2018, the government changed and all economic policies were put on halt, adding that development budget reduced from Rs 1, 000 billion to Rs 700 billion and not any fund was released during last quarter.  He said that when collation government came into power, speculation was in air that Pakistan could not avoid economic default and under such circumstances, government took tough decisions sacrificed its political capital on national interest. He said that charter of economy should not be limited only to political parties, but all other stakeholders including chambers and media would also be part of it. He called upon business community to play their role for human development and contribute their due shares in establishing education and health care facilities to improve human index in country. ICCI President said that aim of conference was to develop consensus of political parties to form long term economic policies that would continue despite change of regime. He said all political leadership were also concerned about prevailing economic situation and keen to put it on sustainable growth and development.

Khalid Iqbal Malik former Presidents ICCI suggested to reduce cost of doing business, consistency of policies and must not influence with regime change. He proposed to ensure affordable prices of electricity and gas and help local Industry to adopt innovation to ensure competitiveness.

Published in The Daily National Courier, August, 17 2022

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