ISLAMABAD: Pakistan Businesses Forum (PBF) on thursday said that the present political set up in
Pakistan was people-centric and its socio-economic agenda was aimed at economic
benefits to the people despite big challenges.
Speaking on online seminar with the title of Pakistan’s economy in post corona, PBF
President Sahibzada Mian Usman Zulfiqar said the double whammy of Covid-19 and a
fragile economy is not a good omen, but this is the first economic crisis in Pakistan’s
history to our informal economy directly, which has otherwise been a shock absorber
every time Pakistan walked into an economic crisis. The bad news is that things are
going to get a lot worse. “The good news is that we can emerge from this even stronger,
if we play our cards right”.
He said government is trying to focus on boosting Pakistan’s industrial capacity through
joint ventures in priority areas, relocation of labour-intensive export-led industry,
SMEs collaboration and enhancement of vocational training capacity.
“The Incumbent government is determined to establish four special economic zones
(SEZs) in all provinces which was ignored in past regimes.
He urged the trade bodies to come up with a three-year roadmap for industrialisation
and export sector strategy before Ministry of Planning Commission; only bashing not a
solution.
Usman Zulfiqar said China is progressing by adopting long-term strategies… now must
focusing towards adopting the same approach,” he added and said South Asian
competitors including India and Bangladesh moved ahead of Pakistan through same
approach.
However he urging business community to consider the payment of taxes as their
national obligation, he said the government was firm to uplift the masses and check
poverty through wealth creation, tax collection and industrialisation which is vital for
us.
We all know US$19 billion of current account deficit was the biggest challenge at the
time of the incumbent government came in power however the efforts of economic
team in stabilisation of economy is still required more initiatives i.e strengthening PKR
currency which is currently a huge markup on our debts in the shape of depreciation.
PBF also added this is the moment for the country to re-negotiate our social contract; to
spend more on healthcare, social safety nets for the poor and linking Covid-19 bailout
money for businesses to enter the tax net; as government was striving to strengthen the
country’s economy; he added.
