'Stronger private sector to realise true economic potential'

ISLAMABAD: President SAARC chamber of commerce and Industry Iftikhar Ali Malik Sunday said that a stronger private sector could help Pakistan realise its economic potential.

Talking to a 20-member traders delegation led by Zafar Bakhtawari Secretary General United Business Group in the federation of Pakistan Chamber of Commerce and Industry here, he said that only private sector plays key role in pushing economic growth upward, generating job opportunities, providing oxygen to domestic industry besides boosting export in addition to promotion of small and medium sized enterprises (SMEs).

He said Pakistan has tremendous untapped economic potential that needs to be fully exploited through prudent key policy actions to help create new marketing opportunities, mobilise private investments to create more jobs and help the country in coping with the impact of covid-19 on its economy. He stressed the urgent need for reforms in the wake of pandemic impact on country's private sector especially on SMEs that drive so much of Pakistan's economy.

Iftikhar Ali Malik said Pakistan can foster a more innovative, competitive and entrepreneurial economy and reinvigorate growth by addressing critical constraints that are limiting private sector investment. He said a private sector led growth agenda needs to be equitable and benefit Pakistan's many SMEs and also offer jobs and opportunities for the over two million youth who join the labour force each year.

In response to a question regarding grossly abuse of power and wastage of resources of Federation of Pakistan Chamber of Commerce and Industry by the office bearers for their vested interests, Iftikhar Ali Malik said that all its resources must be utilised for the promotion of trade activities and welfare the business community not to obligingly their blue eyed on extremely higher package by creating unnecessary new posts which are not required at all except burdening the kitty.