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LAHORE, Nov 30 (APP): Despite challenges and skepticism, the government has successfully achieved the ambitious goal of fiscal consolidation over the past three consecutive years, even surpassing its primary surplus targets.
This was stated by Shahid Imran, Convener of the Federation of Pakistan Chamber of Commerce and Industry (FPCCI) regional committee on food, during a meeting with a delegation of economic experts on Sunday.
He stressed that Pakistan should move from operating on the margins of the global economy to becoming a significant player. “The country needs to transition from short-lived stabilisation efforts to a durable, sustainable, and outward-looking growth model,” he said.
Shahid Imran stressed the role of the private sector, urging it to align workforce development with changing market demands while pursuing international partnerships, joint ventures, technology transfer, and knowledge exchange to boost productivity and competitiveness.
“We cannot achieve long-term sustainable economic growth if our private sector focuses only on short-term profits at the cost of long-term stagnation and global irrelevance,” he warned.
He further called on the State Bank of Pakistan and the government to continue structural reforms, strengthen fiscal and external buffers, and provide stability for businesses to thrive.
Addressing structural challenges through long-term reforms, Shahid Imran said, is crucial. Businesses must shift focus from inward-looking strategies to global competitiveness by producing goods that meet international demand and quality standards. “This requires integration into global value chains, modernization of production processes, and abandoning reliance on substitutes for genuine competitiveness,” he concluded.