UBG calls for unified action to overcome economic challenges

KARACHI: Pakistan is currently grappling with one of its most severe economic crises, prompting leaders from the United Business Group (UBG) to issue a call for unified action.

UBG leaders S M Tanveer, Zubair Tufail, Khalid Tawab, Hanif Gohar, Momin Ali Malik and Mazher A Nasir emphasized the need for collaboration between the government, political parties, and the business community to chart a path towards economic resilience and prosperity.

The UBG leaders stressed the importance of garnering support from all trade bodies to revive the stagnant economy. They urged for an end to the prevalent “rental business” mindset and emphasized the necessity to address the underlying challenges faced by various sectors, particularly focusing on genuine industrial and agricultural growth to double exports within the next five years.

Drawing inspiration from Bangladesh’s economic transformation despite formidable challenges, the UBG leaders underscored the possibility of achieving similar success in Pakistan with concerted efforts. The UBG called for the establishment of an economic forum under the auspices of FPCCI to integrate the business community’s recommendations into a comprehensive economic growth roadmap.

They highlighted key areas for economic revival, including restoring severed trade relations with neighboring countries, political stability, reducing the cost of doing business, lowering energy prices, financial support to SME and cottage sector and addressing law and order concerns.

The UBG emphasized that resolving these issues would bolster confidence among the business community, who are committed to collaborating towards overcoming the current economic crisis. Immediate steps such as reducing energy rates for industries, devising long-term policies, and broadening the tax net were identified as critical measures to initiate the economic recovery process.

Copyright Business Recorder, 2024