Service sector needs support
President UNISAME Zulfikar Thaver said all the developed economies have a strong service sector and in fact many advanced countries have service sector based economies. In Pakistan we have an agricultural based economy and next to it we have the manufacturing and agro based economy followed by the service sector which provides various services at different levels to entrepreneurs including information technology services, professional services and consultancy.
Thaver said the service sector needs full-fledged support from the government to enable it to grow and advance scientifically to meet the growing needs of the manufacturers and agriculturist and offer services as agents and facilitators for exports, imports, distribution, marketing, transportation, advertising, legal, leasing and warehousing. The service sector offers fumigation and farm equipment and their maintenance to the farm sector. There is practically no financial support to non-manufacturing units and only companies manufacturing tangible goods are financed by the banks. The State Bank of Pakistan must direct the commercial banks to finance consultants on the basis of their experience, clientele and income to enable them purchase modern equipments to modernize their practice.
Distributors, wholesalers, retailers, professionals such as management and information technology consultants, doctors, lawyers, architects, engineers are not financed by the banks despite the fact that they have positive cash flows and provide services to manufacturing units and play an important role in the economy and have potential.
The service sector enables the manufacturing sector to improve the efficiency and productivity and needs to be recognized as important players in the economy he emphasized.