Pakistan needs better economic policy to overcome current crisis: HCSTSI chief

HYDERABAD: President of Hyderabad Chamber of Small Traders and Small Industry (HCSTSI), Muhammad Farooq Shaikhani stated that economic development is becoming more and more difficult for Pakistan day by day as the value of rupee against the dollar was at the highest peak in the history which is an alarming situation. Pakistan needs better economic policy to overcome current economic crisis, he added.

Shaikhani said: “The potential of Pakistan is also very vast because we have ports, deep seas just like Gwadar, seven of the 20 highest peaks and mountains in the world are in Pakistan, including two deserts and fertile lands but now the need is to create a system through which the country's economy can flourish without confusion, local trade and industrialisation can be promoted, tourism potential can be utilised well, agriculture can also be utilised and the production can be doubled with the help of modern technology as America and China do in wheat production. It is possible to acquire and promote technology and engineering skills.

We need to take the most effective steps for research and development which prove to be fruitful. It is possible to end the atmosphere of uncertainty and instability.”

He further said that the example of Finland is in front of us, which is a small country with a population of 5.5 million, but its exports are worth US 98 billion dollars, which includes electronics, chemicals and other items, along with the example of Bangladesh, where Dr Younus revolutionised the field of microfinance by establishing the Grameen Bank and gave small loans to poor people which brought revolutionary change in the economics of the country.

He indicated that today due to wrong policies, business activities have completely destroyed in Pakistan.

Copyright Business Recorder, 2023