LAHORE: In a resounding display of approval, Pakistan Business Forum (PBF) has expressed satisfaction with the military diplomacy and economic initiatives undertaken by Chief of Army Staff (COAS) General Syed Asim Munir as the nation witnesses a positive shift in various sectors.
PBF President, Khawaja Mahboob ur Rehman on Sunday while talking to presser said that a wave of optimism as the caretaker government’s economic policies, coupled with the strategic decisions of the Army Chief, had resulted in tangible improvements. The 2024 year should be declared for exports and economic security”. PBF demanded.
He said significant reduction in the value of the dollar, which has seen a commendable drop from 340 to 280 rupees with the help of armed forces, prompting hopeful expectations of further stabilization. The caretaker government has try its best taken the best measures for the economy; the price of the dollar has fallen, and PBF hopes the dollar touching 250 rupees must required now for the proper re-wheeling of the economy.
Mahboob shared his deep concerns over the state of Pakistan’s economy; specifically, trade deficit; rupee depreciation; low number of active tax filers; anomalies in Afghan Transit trade; reliance on the external sources of financing and dearth of the active participation of the business community in the policymaking.
The 40 percent of SMEs have been closed due to unprecedented inflation, high energy cost, delay in payment of refund claims, political uncertainty and inconsistent policies which needs to be taken up seriously.
Khawaja Mahboob also viewed that the year of 2022 and 2023 was very tough interims of economy, however 2024 year shall be determined how we make effective plan and give relief to the people by sitting in our own resources, as daily useable items rates has gone unnoticed which needs to be monitored properly by the respective deputy commissioner’s so that masses may benefited. Similarly,
Pakistan Business Forum further demanded that all political parties should provide their economic stability plans to avert further losses and delays, warning that numerous global issues are impacting world economies. He said the upcoming government should prioritize resolving the energy crises by providing sufficient and affordable electricity and gas to industries and the people of Pakistan.
Pakistan is predominantly an agrarian economy and we must introduce value added agri and dairy products from our basic field produce. He said that the Punjab government has established the first ever Business Facilitation Centre in Lahore while another one is nearing completion in Faisalabad. “However, I could not identify its benefits for the business community as it would be too early to comment on it”, he added.
The cotton production declined in Punjab and the Chief Minister had assured to fix the minimum cotton price at Rs. 8,000 but it is being sold at Rs. 6,000 while 17% GST has also been added on cotton seed. He further said that maize production increased three-fold but its rates have declined causing major loss to the farming community.
PBF President also underscored the necessity for synergy among all relevant departments to ensure the successful implementation of “Green Pakistan” and SIFC initiative for Pakistan’s economic growth in years to come.
Copyright Business Recorder, 2024
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