(31 August, 2018)
President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain on Friday said that successful visit of GHQ by Prime Minister Imran Khan along with other Federal Ministers and 8 hours long meeting with chief of Army Staff General Qamar Jawed Bajwa has increased Business Community’s confidence. We consider Governments and Armed forces cooperation vital for the development and stability of the Country and appreciate every positive measure taken in this regard.
The veteran business leader while talking to the business community said that the Finance minister Asad Umar need to take immediate measures to boost Country’s exports in international markets and announce formation of proposed economic advisory council and business advisory council for the revival of Pakistan’s economy, as he announce earlier. Increasing exports is vital for attaining economic stability. The manufacturing sector is highly affected due to increased reliance of imports of finished goods in various categories. Manufacturing contribution in total exports was 13 pc in 2012 which has declined to 9 pc in 2016. Problems faced by manufacturing concerns should be addressed and resolved at earliest in order to support this sector and increase its export’s share.
The former minister said that Pakistan’s reliance on imports has increased significantly especially from China, over the years. In 2007 foot ware imports were $ 34 million which had increased by 3 times, oil pumps import has increased by 61 pc, glassware by 90 pc, tiles by 75 pc, blankets by 98 percent while imports of oil fans has increased by 80 percent during the period. Progress of Pakistan’s manufacturing sector can be assumed by these figures. In addition, Pakistan also needs to review the free trade agreements with different countries in order to achieve maximum out of it for Pakistan. The proposed FTAs with Thailand and Turkey should also be formed in Country’s favor.
Mian Zahid Hussain said that appointment of Dr. Muhammad Jehanzeb Khan as Chairman FBR is a good sign given to his enriched past experience on various important positions where he successfully performed duties as Chairman Planning & Development, Secretary Livestock, Additional Secretary Energy and Secretary Health. Business community sees his appointment as a step forward towards restructuring of FBR and widened tax net in favor of Pakistan and its people.
