Need stressed for reviving country's economy

Central Chairman, United Business Group (UBG) of the Federation of Pakistan Chambers of Commerce and Industry Iftikhar Ali Malik has said that all policies should be focused on economic revival of the country to make Pakistan an attractive place for the foreign investors. Talking to a traders' delegation, he said that at this point, country is not there where it should be despite having all kind of resources.
He said that lack of research culture is the major reason for economic ills of the country. The promotion of research culture will also help overcome various internal issues like decline in exports, energy crisis, lowest tax-to-GDP ratio, inefficiency of public sector entities, brain-drain, shortage of skilled human resources and low industrial production, he added.
He said that lack of knowledge and research is one of the biggest reasons of our economic ills. He said that unavailability of authentic data is coming in the way of Pakistan's external trade. Our exports falling short of target which is not a good omen for the economy at all. Our exports are limited to a few merchandise and dependent on a few countries which was the biggest reason of decline in exports, he added.
He urged the government to conduct market research to find out new destinations for the Pakistani products which are best in the world as far as quality and price is concerned. The Pakistani Missions abroad should be duty bound to introduce Pakistani products to the foreign buyers and also ensure dissemination of trade related information so that Pakistan entrepreneurs could avail trade opportunities to the maximum.
"It is time to diversify our businesses and have to add new products to attract maximum foreign buyers for Pakistani products", he added.
Malik said the government will have to introduce "Knowledge & Research" culture in all sectors of economy including energy. Promotion of research in energy sector would suggest best solution of power shortfall being experienced by the country since long.
He said that developed countries are researching and finding out new ways of power generation while we are playing the role of silent spectators. "Only public-private partnership could make a big breakthrough in the field of knowledge & research" therefore the government should take business community on board at all economic matters", he demanded.