Steps to create enabling environment for growth of business stressed

Islamabad : Senior PML-N leader and former Senator Syed Zafar Ali Shah hosted a dinner in honour of Sheikh Amir Waheed President, Muhammad Naveed Malik Senior Vice President and Nisar Mirza Vice President, Islamabad Chamber of Commerce & Industry at his residence. Zubair Ahmed Malik, Chairman Founder Group and a large number of local traders and industrialists also attended the ‘iftar’ dinner.

Speaking at the occasion, Syed Zafar Ali Shah said that the business community was playing key role in the economic development of the country and government should take strong measures to create enabling environment for better growth of business activities.

He said that developed countries achieved fast economic growth by supporting and facilitating the private sector, but this sector in Pakistan was facing many challenges. He urged that government should fully cooperate with private sector so that it could be able to put the country on the path of sustainable economic growth. He assured that he would highlight issues of local business community at every relevant forum for redress.

Sheikh Amir Waheed, President, Islamabad Chamber of Commerce & Industry in his address said that during the first nine months of current fiscal year, Pakistan’s budget deficit has increased to Rs.1.48 trillion which was more than the annual target. He emphasized that the government should take urgent remedial measures to overcome the rising budget deficit. He said the trade deficit of the country has also soared to over $27 billion during the first nine months which showed that imports were increasing rapidly compared to exports.

He said that the best way to reduce budget and trade deficits was to strengthen the private sector as well as facilitate the smooth growth of business activities and exports. He said that the government had set export target of $38 billion in strategic trade policy 2015-18, but during the first 10 months of current fiscal year, our exports were only $19.3 billion which showed that the government was far behind of its set target.

He stressed that the government should focus on resolving the key issues of exporters. He said billions of rupees of exporters were stuck up with FBR in refunds and urged that government should immediately release their withheld refunds so that they could feel facilitated in promoting exports of the country.