Promotion of private sector is key to expand economy-ICCI

  • June 17, 2010
Government should give top priority to promoting private sector, which will help in creating jobs, expanding economy, alleviating poverty and generating more tax revenue.

This was stressed by Mr.Zahid Maqbool, President, Islamabad Chamber of Commerce & Industry (ICCI) while delivering a key note address at a seminar on “Contribution of Private Sector in Economic Growth of Pakistan” organized by Mahbbub-ul-Haq Executive Development Centre, Islamabad.

He said private sector has made great contribution to the growth of Pakistan’s economy. He said importance of this sector for the economy can be gauged from the fact that it is contributing more than 84 percent to country’s GDP.

He said it is the private sector which brought revolutionary changes in sectors like telecommunication, banking & financial services, textile, pharmaceutical, manufacturing, mining and quarrying, construction, transport and communication and wholesale and retail trade.

But the sector is currently facing many challenges including energy crisis, high interest rate and power tariffs, frequent load shedding, law & order situation and poor physical infrastructure etc. which are holding it back from growing up to full potential.

Mr.Zahid maqbool said our cherished goals of expanding economy, creating wealth, generating employment and mobilizing internal resources depend on a flourishing private sector and government should address all those problems on priority that are constraining its growth.

He said more than 55 percent of our population is comprised of youth and only hassle-free growth of private sector can absorb this huge critical mass by providing them jobs and creating opportunities of entrepreneurship for them. Therefore, government should set its policies right and focus on stimulating the growth of private sector to reap tremendous economic benefits, he said.