PM appreciated for economic reforms and relief packages

• The relief package announced by the Federal Government would provide major relief to the export sector.
• Iftikhar Malik said the post-corona era would be challenging too for Pakistan, but opportunities would also be available for its economy.
• The SAARC countries must collaborate with one another with a strong business agenda to take advantage of their geographical proximity, cultural similarities and economic complementary.

ISLAMABAD: SAARC Chamber of Commerce and Industry (CCI) President-designate Iftikhar Ali Malik Friday appreciated Prime Minister Imran Khan for keeping the interest of masses and the business community high in his priorities by continuous reforms in economy and allocating billions of rupees to meet the challenge of COVID-19.

Talking to a delegation of traders, who called on him here, he said Pakistan‘s fragile economy needed vital steps due to pandemic of coronavirus.

Iftikhar Malik said although the export sector was playing a pivotal role in strengthening the national economy by fetching precious foreign exchange, yet lockdown situation in Pakistan as well as in other countries could affect economic progress.

The relief package announced by the Federal Government would provide major relief to the export sector, he added.

He said the whole world, including the potential market of Europe Union, was affected by the coronavirus, which was the second biggest trade destination for Pakistan after the GSP Plus offered by EU in 2013.

The government should conduct studies to mitigate the effects of economic changes, he said.

Iftikhar Malik said the post-corona era would be challenging too for Pakistan, but opportunities would also be available for its economy.

“Pakistan can give a quantum jump to its exports once the circumstances came to normal, if the private sector keeps close contacts in Central Asian states, Africa and South America and the government support export-oriented industry through resolving their issues so that it can grab the opportunities,” he pointed out.

He also expressed hope that the objectives of the economic relief and stimulus package would be attained, including providing relief to vulnerable segments, preventing job losses, encouraging smooth supply of essential goods at reasonable prices, supporting businesses and stimulating the economy.

He urged the government to tackle the most essential issues of ensuring ease of doing business, reducing the cost of doing business, accelerating growth, inducing investment, concentrating on human skills, tapping resources, generating employment, and deconstructing the tax system.

Iftikhar Malik reiterated that the SAARC countries must collaborate with one another with a strong business agenda to take advantage of their geographical proximity, cultural similarities and economic complementary.

“There are other areas too that the SAARC countries should work on, such as formulating standards and working with different departments and states to improve ecosystem to boost services trade,” he added.