Role of busi­ness com­mu­nity is cru­cial for eco­nomic up­lift: Dast­geer

The Pak Banker - - NATIONAL -

Role of busi­ness com­mu­nity is cru­cial for eco­nomic up­lift of the coun­try which is high­est pri­or­ity of the present regime. Govern­ment is fo­cus­ing to pro­vide best busi­ness at­mos­phere and joined hands with the pri­vate sec­tor to im­prove trade & in­dus­try and ex­ports.

This was stated by the Fed­eral Com­merce Min­is­ter Khur­ram Dast­gir Khan while talk­ing to the LCCI Se­nior Vice Pres­i­dent Al­mas Hy­der and Vice Pres­i­dent Nasir Saeed here at the La­hore Cham­ber of Com­merce & In­dus­try. For­mer LCCI Pres­i­dent Mian An­jum Nisar, for­mer Vice Pres­i­dent Aftab Ahmed Vohra and Ex­ec­u­tive Com­mit­tee Mem­bers were also present on the oc­ca­sion.

To a ques­tion about Pak-Afghan Tran­sit Trade (PATT), the Fed­eral Min­is­ter said that through land port au­thor­ity and mod­ern tech­nol­ogy at Torkham & Chaman bor­ders, trade would be reg­u­lated to stop in­for­mal trade.

Fed­eral Com­merce Min­is­ter said that govern­ment has opened all eco­nomic ar­eas to achieve the goals of eco­nomic growth. He urged the pri­vate sec­tor to be­come proac­tive to meet in­ter­na­tional stan­dards & bet­ter mar­ket­ing of prod­ucts to com­pete ef­fec­tively.

He said busi­ness­men should iden­tify hur­dles in the way of value ad­di­tion of prod­ucts and share with govern­ment to ad­dress prob­lems. He urged busi­ness­men to ex­plore the un­tapped mar­kets of which of­fer good po­ten­tial for im­prov­ing trade and ex­ports.

He as­sured that govern­ment would pro­vide in­fra­struc­ture and play the role of fa­cil­i­ta­tor while en­trepreneurs have to take the lead to im­prove trade & ex­ports and the econ­omy. He said that govern­ment is com­mit­ted to over­come all eco­nomic chal­lenges in co­op­er­a­tion with all stake­hold­ers in­clud­ing busi­ness­men and the civil so­ci­ety.

Khur­ram Dast­gir Khan said that said role of en­trepreneurs is cru­cial to im­prove trade, ex­ports, tax rev­enue & jobs and govern­ment is fo­cused on pro­vid­ing cheap and af­ford­able elec­tric­ity to busi­ness and in­dus­try. He said that work on a num­ber of power projects is well un­der way and en­ergy cri­sis would be solved af­ter com­ple­tion of th­ese projects. He said that trans­parency is be­ing en­sured in all projects.

Speak­ing on the oc­ca­sion the LCCI Se­nior Vice Pres­i­dent Al­mas Hy­der said that macroe­co­nomic in­di­ca­tors are show­ing con­sis­tent im­prove­ment. In con­trast to that Pak­istan's ex­ports are con­tin­u­ously fall­ing. He said that it is im­por­tant to iden­tify its rea­sons and rec­tify them to im­prove the ex­port per­for­mance and rank­ing.

He said that in the list of coun­tries by ex­ports per capita, Pak­istan is at 128th place. Sri Lanka and In­dia that are at 102 and 110 places re­spec­tively. Trad­ing Across Bor­ders is one of the fac­tor of Ease of Do­ing Busi­ness In­dex and un­der this head our rank­ing has gone fur­ther down to 169 as com­pared to 108 dur­ing pre­vi­ous year.

Al­mas Hy­der said that the in­dus­try re­tains al­most 22% in GDP com­po­si­tion of Pak­istan econ­omy but it con­trib­utes around 50% in tax rev­enue. It is tax over­bur­dened and other sec­tors must share the bur­den. We have to tar­get in­vestors si­mul­ta­ne­ously from USA, Rus­sia, South­east Asia, Ja­pan and China.

He said that the most re­cent trade fig­ures show that there is 14% de­cline dur­ing July - Jan 2015 - 16 as com­pared to same pe­riod last year. He said that govern­ment must tar­get fur­ther pen­e­tra­tion into tra­di­tional mar­kets and es­tab­lish­ment of new con­nec­tions to non-tra­di­tional mar­kets.

The LCCI Se­nior Vice Pres­i­dent said that our ex­ports need to be re­aligned es­pe­cially in­creas­ing its pro­por­tion in favour of en­gi­neer­ing prod­ucts. He said that en­gi­neer­ing in­dus­try is al­most 60% of global trade whereas th­ese items hardly con­trib­ute less than 1% in Pak­istan's ex­ports. We have to come up with new plans for tech­nol­ogy ac­qui­si­tion and put greater em­pha­sis on in­di­g­e­niza­tion.

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