Tuesday July 23, 2024

‘More efforts needed to bring about positive economic change’

February 12, 2024

LAHORE:More collaborative efforts from public & private sector, and the civil society are essential to bring about a positive change and to revive the economy by laying emphasis on boosting exports.

A worker operates a machine preparing fabric at the Kohinoor Textile Mills in Lahore on July 20, 2023. — AFP
A worker operates a machine preparing fabric at the Kohinoor Textile Mills in Lahore on July 20, 2023. — AFP

Blessed with resources, skilled manpower and the industry, Pakistan can capture lion’s share in the global market, the Saarc Chamber of Commerce and Industry’s former President Iftikhar Ali Malik stated this during a meeting with business delegation led by Muslim Khan Buneri, here on Sunday.

He added, "Through export capabilities, we can generate revenue; create employment opportunities and strengthen our international standing for which result-oriented economic reforms are also crucial to encourage investment, facilitate ease of doing business, and promote entrepreneurship.

"He was confident that such measures would help rejuvenate various sectors and attract both the domestic and foreign investors. He emphasised for establishment of more special economic zones, offering a basket of incentives to export-oriented industries, and investment in infrastructure that supports efficient production and transportation of goods. Iftikhar Malik was of the view that investment in vocational and technical training programmes is pre-requisite to empower the workforce with modern skills, making them more competitive in the global market.

He said consistent power and gas supply is lifetime for industries, promoting higher productivity and reduced operational costs. "We must harness the potential of modern technology to streamline administrative processes; reduce corruption; enhance transparency; and create a conducive environment for economic growth. By taking decisive actions and prioritising economic revival and export enhancement, we can pave the way for a prosperous and thriving Pakistan," he added.