(June-21-2023)
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Wednesday welcomed announcement of economic recovery plan by Prime Minister Mian Shahbaz Sharif.
The implementation of this project is expected to attract foreign investment of 100 billion dollars and this project can be a game changer for Pakistan, he said.
Mian Zahid Hussain said that the presence of the Army Chief, four provincial chief ministers, senior federal and provincial ministers and senior officers at the time of the project announcement shows that it has the full support of all partners and the army, which is very encouraging.
Talking to the business community, the veteran business leader said that a Special Investment Facilitation Council under the Prime Minister has been set up to implement the decisions so that the investment projects can be realized smoothly to boost the declining economy.
He said that according to the plan, special attention will be given to the development of defence production, agriculture, livestock, minerals, and energy sectors and investment from friendly countries will be attracted.
Foreign direct investment will also be attracted, and investment projects will not be suspended due to various legal and administrative issues, he added.
The business leader said that an executive committee will also be formed under the council to speed up development projects and facilitate investors so that decisions of the council can be effectively implemented and investors do not have to waste time in various offices.
According to the plan, communication, and coordination between the Center and the provinces will be increased so that the speed of implementation of investment projects can be increased without interruption.
The Chief of Army Staff has also assured full cooperation in the success of this project, which is fundamental in ensuring the country’s development and prosperity.
Mian Zahid Hussain further said that economic development is a means of improving the condition of the people and giving them employment, and we need to harness the talents of our youth and women.
The economy is facing a difficult situation at the moment, the IMF program has stopped and there are few days left for it to end and Pakistan has to repay the loans of 20 to 25 billion dollars in the next few months or these loans have to be rescheduled.
The public and the business community are worried, the production situation is alarming, banks are not providing foreign exchange for imports and investor confidence is steadily declining.
The most uncertainty is in the production sector, so the initiation of such a project needs time, but it will take at least a year to show its initial results.
Mian Zahid Hussain said that along with this plan, we also need to reduce business costs so that exports can increase.
