Infrastructure Development needed for Promotion of Business Activities-Asad Farid

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Infrastructure Development needed for Promotion of Business Activities-Asad Farid

  • August 02, 2012
Infrastructure development plays a crucial role in economic development of a country. But lack of infrastructure has been a big hurdle in the economic progress of Pakistan putting strains on the smooth growth of trade and industrial activities. 
 
Government should involve private sector by moving towards public-private partnership paradigm for developing the country’s infrastructure at a fast pace.This was stated by Asad Farid, Acting President, Islamabad Chamber of Commerce & Industry (ICCI) in a statement. 
 
He said our country needs massive supporting infrastructure to absorb, support and sustain increase in growth, but lamented that our Government badly failed to develop proper infrastructure despite making many five years plans. Private investment in infrastructure projects has declined in Pakistan over the years as apart from Independent Power Plants (IPPs) established in 1990s, no major infrastructure project has been completed in Pakistan on BOT (Build-Operate-Transfer) paradigm.
 
ICCI Acting President said Pakistan has a large canal system for agriculture but lack of adopting new management practices and latest technology into this system has resulted in poor growth of crops. Similarly ignoring energy, water and communication infrastructures have badly stalled the growth of trade and industrial activities. All this has led to making significant enhancement in cost of doing business in Pakistan. 
 
Asad Farid said proper development of infrastructure would help to meet much of local demands like energy, clean drinking water, sanitation facilities, transportation & communication system in addition to creating many job opportunities. Apart from that it would generate demand for more raw materials which in return will make more income for local businesses.
 
ICCI Acting President stressed for the need of involving private sector and exploiting its potential for developing infrastructure in all sectors of the economy as these projects are quite expensive and partnership with private sector will enhance the pace of execution of these projects. 

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