ICCI urges Government to take measures for reversing economic slowdown

  • April 17, 2012
Government must needs to shift its focus to economic condition of the country and should take necessary steps to reverse economic slowdown.

The current economic downturn was impacting all sectors of our local economy and industrial sector is unable to conduct its production efficiently due to increasing cost of production. Government should announce a new orientation to the economic policies for forthcoming fiscal year 2012-13 to make them pro-poor, pro-industry and pro-employment and outlined a series of measures to achieve these objectives, Yassar Sakhi Butt, President Islamabad Chamber of Commerce and Industry (ICCI) has made these remarks during a meeting with representatives of various sectors at Chamber House.

President ICCI while giving a detailed review of ongoing economic scenario said that the rupee is depreciating, inflation and cost of production is increasing, energy supply is low, deteriorating law and order situation, poor governance, unemployment, common man is unable to survive and businesses are closing down due to losses.

Therefore, the Government should take proactive measures in consultation with the business community for achieving sustainable development, he maintained.

Yassar Sakhi Butt said that Government needs to think out of box as major cut in non-development budget was much needed, also it should focus on infrastructure development and construction of water reservoirs and dams to address energy problems to reverse economic slowdown.

He said that Pakistan’s investment rate was only 13.4 percent because foreign and local investors were lacking confidence to operate in our country. He urged the Government to take remedial measures on urgent basis and to encourage investors by creating investment friendly environment for accelerating the pace of country’s economic progress.

ICCI President said that there must be a comprehensive macroeconomic plan to keep the economy going in a positive way. He urged the Government to adopt a proactive approach to overcome the current challenges which Pakistan has been facing.

He said that the active participation and keen interest of public and private sector in the economic development would ultimately bring out the country of the current economic situation.