SAARC Chamber of Commerce and Industry (CCI) President-designate Iftikhar Ali Malik Friday lauded Prime Minister Imran Khan for keeping the interest of masses and the business community at large by continuous reforms in economy and allocating billions of rupees to meet the challenge of Covid-19.
He expressed these views while talking to a delegation of traders who called on him on Friday. Iftikhar Ali Malik said the relief package announced by Prime Minister Imran Khan would provide major relief to the export sector. that Pakistan‘s fragile economy needed these vital steps due to pandemic of corona virus.
He said although export sector was playing a pivotal role in strengthening national economy by fetching precious foreign exchange, yet lockdown situation in Pakistan as well as in other countries of the world could affect economic progress.
He further said the whole world including the potential market of Europe Union was affected by the new coronavirus, which was the second biggest trade destination for Pakistan after the GSP Plus offered by EU in 2013. In this regard, the government should conduct studies to mitigate the effects of economic changes, he said.
Iftikhar Malik said that post-corona era would be challenging too for Pakistan, but the opportunities at vast would also be available for the economy of Pakistan. “Pakistan can give a quantum jump to its export once the circumstances came to normal, if the private sector keeps close contacts in Central Asian States, Africa and South America and the government support export-oriented industry through resolving their issues so that it can grab the opportunities in true sense of the word,” he pointed out.
He also expressed hope that the objectives of the Economic Relief and Stimulus package would be attained and this would be succeeded to provide relief to vulnerable segments, to prevent job losses, encourage smooth supply of essential goods at reasonable prices, support businesses and stimulate the economy.
He also suggested the government to tackle the most essential issues of ensuring ease of doing business, reducing the cost of doing business, accelerating growth, inducing investment, concentrating on human skills, tapping resources, generating employment, and deconstructing the unproductive tax system which imposes high taxes, but yields low revenues.
Reiterating his early stances, Iftikhar Malik said now time has come that SAARC countries must collaborate together with a very strong business agenda to take advantage of our geographical proximity, cultural similarities and economic complementary that we all have in this region.
“There are other areas too that the SAARC countries should work on, such as formulating standards and working with different departments and states to improve ecosystem to boost services trade,” he concluded.
