Published On: Sat, Oct 13th, 2018
Published in Category: Lahore

Business men optimistic that PTI govt has full potential to drive country out of present economic crisis

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LAHORE: SAARC Chamber Senior Vice President and Chairman Businessmen Group Iftikhar Ali Malik Friday said business community of the country 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.

A group of leading businessmen called on Prime Minister’s economic advisor Abdul Razzaq Dawood 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.

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 and would have to take fresh loans to service the principal amount and interest of the actual loans which is already over $93 billion. He said that to increase exports, the government of PTI has to address major odds hurting our 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.

He said construction of 5 million houses will give impetus of economic activities in the country but pumping investment in real estate sector is not a solution to the complex economic crisis as there is dire need too to invest in production oriented sectors to boost the exports of the country.

He said immediate challenge is the balance of payment situation, which should be addressed by reducing imports and increasing exports of the country. The PTI government should devise a plan to reduce the imports by $5 to $6 billion and enhance the exports by at least two billion dollars to reduce the trade gap.

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