To prepare a more comprehensive national plan of development, government should adopt long-term planning mechanism and make additions and alterations in the existing five year plan consistent with the changing economic conditions of the country.

There is no long-term planning in any sector, unsustainable policies are main impediments in attracting new businesses, President Islamabad Chamber of Commerce & Industry (ICCI), Mahfooz Elahi has said.

He said that as a developing nation long-term planning is an essential mean of guiding and accelerating development. In developing countries like Pakistan, there should be a strong and powerful swing towards long-term planning, he added.

President of ICCI was of the view that resources are not efficiently allocated according to the requirements and inappropriate allocation of resources reduces the opportunities to achieve desired results.

Elahi said that the long-term planning would remain an unrealized dream unless we reform our economic system. He further said that government should ensure good governance and corruption free structures through establishment and proper functioning of democratic institutions, making the country a self-reliant economy by stopping wasteful, unproductive expenses, making government-owned corporations profitable, accelerating industrialisation and increasing productivity, improving agricultural sector productivity, reducing inequalities through a policy of redistribution of income and wealth.

If an appropriate mechanism is created to develop strong ties between government and the businessmen, the economy can be set on the right lines and the Pakistan can progress at increased growth rates, he maintained.

He said that long-term policies are essential for removing stumbling blocks for new investments which can be helpful for reducing fiscal deficit. Elahi further said that major economic reforms are much needed for creating a strong economic system and exploiting the full potential of available huge amount of resources to cope up with prevailing economic challenges.

ICCI President urged the government to plan a strategy to identify and solve economic issues with a long-term perspective to meet the challenges of global world. Economic planning and policy-making was required to be more participatory, prudent and transparent, as well as long-term so as to respect the interests of future generations through implementation of strong economic system, Elahi opinioned.