Ahsan Iqbal, Federal Minister for Planning & Development said that when the new government took over power, Pakistan was heading towards default, but with tough decisions, the economy has now been brought out of the red zone towards improvement and efforts are afoot to reconstruct it. He highlighted the jumpstart in exports, export-led growth, enhanced tax revenue, USD 25-30 billion annual FDI, political stability and consistency in policies as key requirements for Pakistan to emerge as a stable economy. He said that China’s annual imports were USD 1 trillion and the business community should focus on increasing their share in this huge market to improve trade with China. He said that the government was focusing on facilitating SMEs and optimizing businesses & agriculture sectors to improve the economy. He said that the government was seeking proposals from chambers of commerce to abolish laws or amend them that were creating hurdles for the private sector in order to turnaround Pakistan and urged that ICCI should form a task force to develop such proposals and share them with his ministry for consideration and implementation. He further said that ICCI should share its proposal for industrial estate in writing that would be given due consideration. He announced that ICCI would be given representation in the Advisory Board of the Ministry of Planning.

Speaking on the occasion, Muhammad Shakeel Munir, President, Islamabad Chamber of Commerce and Industry, said that ICCI has been making efforts since long to establish a new industrial estate in the region to promote industrialization, investment and employment, therefore, he demanded that the government should cooperate fully with ICCI in early materialization of this important project. He said that a modern Expo Center should be set up in Islamabad on the pattern of Karachi and Lahore Expo Centres to organize exhibitions for better promotion of business activities and exports. He said that the government should announce an industrial package to boost industrialization and exports. He said that ICCI should be given representation in the Advisory Board of the Ministry of Planning to finalize development projects keeping in view the interests of the private sector. He said that high taxes, SBP’s high interest rate, sharp devaluation of rupee and increase in oil, electricity and gas prices have multiplied the cost of doing business and demanded that the government should take measures to reduce the cost of doing business so that business and investment activities could flourish and the economy could move towards stability.

Jamshaid Akhtar Sheikh Senior Vice President, Muhammad Faheem Khan Vice President, Khalid Iqbal Malik Chairman Founder Group, Khalid Javed, Mian Akram Farid, Mian Shaukat Masud, Baser Daud, Shaban Khalid, Muhammad Naveed Malik and others also spoke at the occasion and highlighted various issues that needed the urgent attention of the government for redress. They also offered useful suggestions to turn around the economy.