KARACHI: Chairman of National Business Group and President Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Hussain has urged the government to resolve the GSP Plus issue employing proper diplomatic initiatives while using foreign policy properly otherwise exports can be compromised by three billion dollars.

Lauding the decision of Prime Minister Imran Khan to boost the agriculture sector, he said that the business community fully supports Prime Minister’s move to remove impediments keeping the agriculture sector from development since a decade.

Mian Zahid Hussain said that the falling agriculture sector has resulted in a hike in the prices of pulses, sugar, flour, cotton and other items resulting in shortages and double-digit inflation which can be resolved through short and long-term policies based on ground realities.

He said that prospects of improved growth are bright despite pandemic and country will beat forecasts of international institutions if the central bank continues to play a positive role.

The construction sector and manufacturing is performing well despite challenges while LSM growth is on the positive side and situation will further improve as new Finance Minister Shaukat Tarin wants development amid stability.

He wants to boost exports, expand tax net, ensure price stability, reduce poverty, and cut circular debt which will result in positive developments.

The government should reduce borrowing to ensure repaid development as it will strengthen the private sector while the SBP should reduce interest rates as a two percent hike in the policy rate will burden masses and the business community and hinder new investments, he warned.

Copyright Business Recorder, 2021