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Business community for economic turn around

ISLAMABAD: The business community here on Tuesday called for forming a think tank comprising of economic experts and business leaders that should focus on devising a comprehensive strategy to turn around the dwindling national economy.
They were of the view that reviving the economy was an office bearers’ essential requirement to attract investment, create jobs, promote trade, industrial activities and exports and generate more revenue for the country. In a statement, President Islamabad Chamber of Commerce and Industry Sheikh Amir Waheed said that the SMEs were the engine of economic growth, but this sector was currently facing many challenges in Pakistan. He emphasized that the incoming government should focus on forming a new SME policy in consultation with the private sector to address the key issues of SME sector and create a conducive environment for it so that this important sector could drive the economy towards fast growth trajectory.
Meanwhile, M. Naveed Malik, Senior Vice President and Nisar Mirza, Vice President have also demanded that incoming government should give top priority to the economy for progress and uplift of the country. They said that local currency has depreciated to Rs.130 against a dollar which was record devaluation, besides the trade deficit of the country has swelled to over $ 37 billion during the fiscal year 2017-18. The imports had crossed $60 billion mark while exports were around $23 billion during this period, whereas the foreign exchange reserves of the country was recorded at $15.68 billion till 13th July 2018 showing a decrease of over 22 percent in one year period, they added. They said foreign debt of the country has also soared to around $92 billion due to the unwise approach of heavy borrowings.
ICCI office-bearers said that the development and growth of all sectors including defense, health and education was directly linked with a strong economy, but the current economic indicators showed that the economy needed priority attention of the incoming government to fix it and put it on the path of sustainable growth.

M M Alam

M. M. Alam is a Pakistan-based working journalist since 1981. Karachi University faculty gold medalist Alam began his career four decades ago by writing for Dawn, Pakistan’s highest circulating English daily. He has worked for region’s leading publications, global aviation periodicals including Rotors (of USA) and vetted New York Times as permanent employee of daily Express Tribune. Alam regularly covers international aviation and defense-related events including Salon Du Bourget (France), Farnborough (United Kingdom), Dubai (UAE). Alam has reported thousands of events and interviewed hundreds of people in Pakistan, UAE, EU, UK and USA. Being Francophone Alam also coordinates with a number of French publications.