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ISLAMABAD, Aug 29 (APP): Patron-in-Chief of United Business Group (UBGS) SM Tanveer on Friday said that decentralization and strengthening the district industrial unit are pivotal for sustainable economic development in the country.
Pakistan have huge potential to grow as a trillion-dollar economy, and the country has potential of natural resources including minerals and precious stones, Patron Chief of United Business Group (UBGS) SM Tanveer said this while addressing a Press conference along with President, FPCCI Atif Ikram Sheikh, President ICCI Nasir Mansoor Quraishi, Secretary General UBG, Zafar Bakhtawari, Vice President FPCCI, Tariq Jadoon, Patron Sohail Malik and other senior leadership of UBG here.
SM Tanveer said that Pakistan has a huge potential in the economy, $5 billion can be exported from every sector and Special Assistant to the Prime Minister on Industries, Haroon Akhtar Khan, is making a comprehensive industrial policy.
Pakistan’s armed forces defeated the cowardly enemy in war, and after the battle, now “we also have to win the battle of economy, ” he said.
He said that Agriculture has huge potential, no value addition is happening in any sector,” We have come down from 15 million bales of cotton production in the past years to 5 million bales.”
A one percent reduction in interest rate will decrease government debt by Rs 3,500 billion, and the country will lose $12 billion annually in interest rates, while the IMF has provided $6 billion.
Meanwhile, President FPCCI Atif Ikram Sheikh strongly supports the proposal of new provinces for economic revival, sustainable development and transfer of fruits to the bottom.
The federation demands that a new administrative division be made in the provinces, and Promotion of district economy is the most important need of the hour for the development and prosperity of Pakistan, he said.
He said that Pakistan’s business community stands by the government for the complete restoration of the economy and bringing the interest rate to single digits, reducing electricity prices and other measures are inevitable.
Atif said that the development and improvement of infrastructure is inevitable for Pakistan, the privatisation process should be completed at all costs.
He said that the FPCCI has a target to take the country’s exports to $100 billion by 2030, and there is a need to execute the economic reforms in the country.
It is inevitable to manage such a large population of Pakistan well with the current administrative division, he said.
President ICCI Nasir Mansoor Qureshi has viewed that Pakistan is at a critical juncture, the economy is facing challenges and sustainable economic reforms and problem-solving can move it forward on the path of sustainable economic development.
He said that the business community is a major stakeholder of the economy, ready to play a role in the revival of the economy.