‘Youth’s future is bright as economic condition improving’

KARACHI: S M Tanveer, Patron-in-Chief of the United Business Group (UBG) has assured the youth of Pakistan that they should not worry about their future.

He stated that the future of the youth is bright as Pakistan’s economic condition improving. Electricity for the industry will soon be available at 9 cents per unit, and new industries will be established in 2025, creating job opportunities.

Speaking at a dinner hosted by Malik Khuda Bakhsh, Convener of FPCCI’s Energy Standing Committee and leader of the Petroleum and CNG sector, S M Tanveer emphasized the need to strengthen district economies, for which robust communication has already begun.

The dinner held at a local hotel was attended by UBG President Zubair Tufail, Khalid Tawab, Abdul Sami Khan, Dr Mirza Ikhtiar Baig, Hanif Gohar, Mian Arshad Farooq, Ishtiaq Baig, Mumtaz Ahmed, Muslim Muhammadi, Shaheen Ilyas Sarwana, and Shakeel Ahmed Dhingra.

Tanveer highlighted that the Consumer Price Index (CPI) at 4.9% in November 2024 indicates a decrease in inflation, which will help bring bank markup rates back into single digits.

He urged the government to reduce the interest rate by 5% in the upcoming monetary policy, which will make loans more accessible and affordable for businesses and consumers. Lower interest rates will boost investments, promote economic activities, and contribute to the nation's overall prosperity.

He further stated that the United Business Group would continue collaborating closely with the government, industry stakeholders, and international partners to maintain and enhance its successes.

Tanveer noted that the significant decrease in CPI reflects improved economic stability and demonstrates the effectiveness of recent policy measures. He added that the unexpected reduction in inflation is a testament to the hard work of economic planners and the resilience of the business community.

Malik Khuda Bakhsh, Convener of FPCCI’s Energy Standing Committee, revealed plans to establish 3,000 electric vehicle (EV) charging stations across Pakistan in collaboration with a prominent Chinese company.

He explained that the establishment of EV charging stations would reduce fuel imports and conserve the country's foreign exchange reserves. An inauguration ceremony for the EV stations will be held in the coming days.

Malik Khuda Bakhsh also highlighted improvements in Pakistan’s GDP growth rate and its global rating, which are positive developments for the country.

Copyright Business Recorder, 2024