ISLAMABAD: Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal said that export-led economic growth, enhanced tax revenue, $25-30 billion annual foreign direct investment (FDI), political stability and consistency in policies were key requirements for Pakistan to emerge as a stable economy.
The minister said this while addressing the business community here at the Islamabad Chamber of Commerce and Industry (ICCI) on Thursday.
He said China’s annual imports were $1 trillion and Pakistan’s business community should focus on increasing their share in that huge market.
“All-out efforts were made to further stabilize the economy. The government is focusing to facilitate the small medium enterprises, and optimizing businesses and agriculture sectors to improve the economy,” he said.
He urged the ICCI to form a task force to develop proposals and share them with his ministry for consideration and implementation.
He said the ICCI should share its proposal for an industrial estate in writing that would be given due consideration. He announced that the ICCI would be given representation in the Advisory Board of the Ministry of Planning.
ICCI President Muhammad Shakeel Munir said the chamber had been making efforts for long to establish a new industrial estate in the region to promote industrialization, investment and employment, and urged the government to fully cooperate with the ICCI in the early materialization of the important project.
He said that a modern expo center should be set up in Islamabad on the pattern of Karachi and Lahore expo centres to organise exhibitions for better promotion of business activities and exports.
He said high taxes, SBP’s high interest rate, sharp devaluation of rupee, and increase in oil, electricity, and gas prices had multiplied the cost of doing business.
He urged the government to announce an industrial package to boost industrialization and exports.
He said the ICCI should be given representation in the Advisory Board of the Ministry of Planning to finalise development projects keeping in view the interests of the private sector.
He urged the government to take measures to reduce the cost of doing business so that business and investment activities could flourish and the economy could move towards stability.
Copyright Business Recorder, 2022