PBF President proposes ‘national economic recovery plan’

ISLAMABAD: President Pakistan Business Forum (PBF) Khawaja Mehboob ur Rehman on Saturday shared his national economic recovery plan and reiterated that the incumbent government was successfully carrying out the economic transformation process in the country.

He said that the structural transformation in every sector of the economy took some time and they were making all-out efforts in this regard.

Talking to media here on Saturday, the PBF President said that Prime Minister Shehbaz Sharif was committed to transforming the economy of the country and he also understands the problems of the business community.

Khawaja Mehboob ur Rehman shared the National Economic Recovery plan aimed to create income and livelihood opportunities for the people on the following points, ensuring solvency, revenue and fiscal sustainability, bending the political economy of Pakistan toward economic justice and good governance, reducing deficit through inclusive growth and effective import-export management, transitioning to green economy; ensuring social protection and social safety nets to minimize the adverse impact of structural reforms on the most vulnerable.

Similarly Khawaja Mehboob also stressed on fostering collaboration between the federal government and provinces to promote timely decision-making and avoid duplication. Such actions will promote the concepts of “one government” and “collective government” to remove all barriers to investment and business activities.

PBF Chairman Punjab, Muhammad Naseer Malik emphasised that export-oriented FDIs held the key to economic revival, In order to facilitate industries, administrative barriers must be removed and measures such as timely energy supply and competitive rates, including tax refunds, need to be implemented.

Malik further stated that in Pakistan, industrialists and businesspersons were paying the highest amount of taxes. We must understand that the role of industrialists and traders is crucial for economic development.

Immediate steps need to be taken in consultation with stakeholders to reduce the production cost of exportable goods so that we can easily compete with other countries in the region.

Pakistan Business Forum also welcomed the resolve of Army Chief General Syed Asim Munir that the armed forces of the country with the support of the nation would fail all the inimical forces bent on impeding Pakistan’s development and prosperity.