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QUETTA, Jan 28 (APP):The Pakistan Business Forum (PBF) has emphasized that the province urgently requires special attention from the government to unlock its economic potential.
Chairman PBF Balochistan, Daroo Khan Achakzai said that Balochistan must be prioritized in terms of industrialization through tax and duty waivers, effective establishment, incentivization and operationalization of Special Economic Zones (SEZs) to flourish and to attract both domestic and foreign investors.
According to a press release, PBF Provincial Chief stressed the critical need for the establishment of a Bank of Balochistan on the lines of the Bank of Punjab, Bank of Khyber and Sindh Bank.
He said that the federal and provincial governments should facilitate the creation of a provincial bank to improve access to finance, making it possible and viable for local entrepreneurs to set up industries in Balochistan.
He further maintained that the Bank of Balochistan should devise lending policies tailored to the specific socio-economic conditions of the province, keeping in view the limitations faced by the local business community.
According to him, this single step could usher Balochistan into a new era of economic development and attract foreign direct investment (FDI) as well as domestic investment from other parts of Pakistan.
PBF Vice Chairperson Balochistan, Zubaida Jalal, highlighted the resilience of the people of Balochistan and noted that business, commercial, trade, investment, industrial and economic activities continue despite persistent challenges due to their dynamism.
However, she emphasized that cottage industries and micro, small and medium enterprises (MSMEs) must be protected and supported to keep the provincial economy afloat.
She expressed serious concern over the rapidly shrinking employment opportunities for the youth, pointing out that SMEs are the most affected segment of the business community. She stated that SMEs are the real engine of growth for a developing country like Pakistan and generate the largest share of employment; therefore, their decline poses a threat to economic stability in Balochistan.
Zubaida Jalal further stressed that, besides the absence of a provincial bank, the second most critically missing institution of economic significance in Balochistan is an insurance company. In the absence of insurance coverage, traders, industrialists, service providers, transporters and investors feel insecure in conducting business in the province. She proposed a public-private partnership (PPP/3P) model for establishing key financial and support institutions to help create a conducive and sustainable business environment.
Secretary General PBF Balochistan, Maqbool Alam Noori, emphasized that in order to protect the youth of Balochistan from falling into the hands of outlawed elements, it is imperative to bring them out of poverty through empowerment via education, skill development and employment opportunities. He stated that making the youth stakeholders in the economic development of the province is essential for long-term peace, stability and prosperity, not only for Balochistan but for Pakistan as a whole.
Noori also highlighted the urgent need for a comprehensive marketing and public relations campaign to project Balochistan as a safe and attractive destination for domestic and foreign investment. Assuring investors of full safety and security, he said, is vital for building investor confidence. He reaffirmed that the Pakistan Business Forum would fully support the government and the armed forces in all initiatives aimed at economic development, stability and progress in Balochistan.