ISLAMABAD, Oct 12 (APP):Business community of the country Friday reposed full confidence on the dynamic leadership of Prime Minister Imran Khan and much optimistic that the incumbent government has full potential and firm commitment to drive the country out of present economic crisis.
This was stated by Senior Vice President of SAARC Chamber of Commerce and Industry and Chairman Businessmen Group Iftikhar Ali Malik, while talking to Advisor to Prime Minister on Commerce Abdul Razzaq Dawood.
A group of leading businessmen called on Advisor to Prime Minister and discussed in details the possible solutions of the economic crisis and role of business community for supporting the government’s economic policies to bring back the country on the track of economic prosperity, says a press release issued here.
On this occasion, Iftikhar Malik said that higher exports is the only solution to get the country out of this crisis and it is the only way that can help repay the above debts otherwise the country would never be able to get out of the debt trap.
It would have to take fresh loans to service the principal amount and interest of the actual loans which is already over $93 billion, he added.
He said that to increase exports, the government of PTI had to address major odds hurting industry and exports such as high cost of doing business, availability of energy both gas and electricity, at an affordable price as compared to our regional competitors.
Adequate supply of raw cotton, timely payment of Sales Tax and Income Tax Refunds to avoid liquidity problem, rupee dollar parity, shortage of skilled manpower, lack of institutional support and infrastructure facilities were prerequisite for economic turn around.
He said construction of 5 million houses will give impetus of economic activities in the country, adding that there was a dire need too to invest in production oriented sectors to boost the exports of the country.
Iftikhar Malik urged the government for taking measures for enhancing tax net to increase revenue, with the consultation of all provisional stakeholders. “The mobilization of domestic resources through reforms in taxation was essential to ensure sustainable financing of development as government would not depend on foreign loan.
He also urged for taking steps to simplifying tax structures and slashing personal tax rates to encourage more people to file returns.