(October 04, 2019)
President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain on Friday said assurance to the business community by COAS regarding the resolution of their problems is a welcome move which will relieve their concerns. Improve confidence and improve the business environment. The reassurance by Chairman NAB to spare the business of unnecessary harassment community will also improve sentiments, he said.
Mian Zahid Hussain said that the business community has apprised COAS regarding their concerns which include regressive tax collection drive, increasing corruption, instability, inconsistent policies etc. which has made difficult for the business to survive.
Talking to the business community, the veteran business leader said that the business leaders have also informed COAS about the increasing cost of energy, failed commitments on the part of the government and failure to pay refunds in a timely manner. They also complained about lack of direction among economic managers, and lack of teamwork which has taken a toll on the economy.
The former minister noted that the business leaders also complained about the absence of any road map for economic recovery and a contracting economy which is resulting in unemployment, defaults, and closure of businesses.
There are no customers in markets while manufactured items are piling up in factories forcing them to cut the production on which the COAS has assured them the resolution of their problems after which the situation can take a positive turn.
He noted that economic activity and exports can pick up while a package for the real estate in on the cards which will help revive this critical sector. The losses of state-run corporations have jumped to Rs 1600 billion which should be tackled sternly, he demanded.