LAHORE: Former Caretaker Federal Minister for Commerce and Chairman of the FPCCI Pakistan Economic Revival and Growth Think Tank, Dr Gohar Ejaz on Saturday said that they called for the revival of the privatisation process for Pakistan International Airlines (PIA), suggesting open bidding among the same five groups previously involved.
He was addressing the press conference along with Vice President and Regional Chairman of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Zaki Aijaz, and former Caretaker Provincial Minister for Commerce and Trade, SM Tanveer.
They urged the government to consult with the FPCCI when formulating economic policies, stating, “Together, we can make Pakistan an economic superpower.”
Former Caretaker Provincial Minister for Commerce and Trade, SM Tanveer, talked about Independent Power Producers (IPPs) and high interest rates.
He urged the government to announce a winter relief package for industries, proposing a rate of Rs20 per unit of electricity. They warned that without such measures, industries risk becoming “graveyards”. They also emphasized the urgency of reducing interest rates without further delay.
FPCCI officials recommended that the government immediately reduce the interest rate to 12.5 percent, with a target of bringing it down to 5 percent by December 31, 2024. They noted that regional interest rates are already in the single digits, with Pakistan’s rate at an excessively high level.
They highlighted that if the agriculture and manufacturing sectors perform well, the service sector will follow suit, and the government should consider establishing a task force dedicated to these sectors. They expressed optimism, suggesting that with the right approach, Pakistan could soon become the fifth largest economy in the world.
The officials also voiced concerns about the current economic policies, emphasizing the need for stable policies to boost exports by 10 percent annually, which would result in exports reaching $50 billion within five years. They criticized the policy of currency devaluation as detrimental to economic growth.
Copyright Business Recorder, 2024
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