(May 02, 2022)
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 Monday said the Eid season remained better for traders after two years of gap.
Traders suffered losses for two years due to the pandemic but now the situation has changed for good, he said.
Mian Zahid Hussain said that now the epidemic has almost ended and the situation has returned to normal, so this year the number of sales has increased by 50% as compared to last year.
Talking to the business community, the veteran business leader said that it is estimated that more than 40 billion rupees will be spent on Eid in Karachi.
He said that police performance has also improved this year during Ramadan which has reflected positively on the overall situation.
Pakistan’s economic difficulties are likely to be reduced after the visits of Prime Minister Shahbaz Sharif to friendly countries while the pace of work on CPEC will also increase.
Mian Zahid Hussain said that in order to end the dependence on friendly countries and international institutions, national policies and governance have to be improved, consistency in policies has to be ensured and losses in the fields of power, and gas should be reduced while failed institutions have to be sold.
Agreements with domestic and foreign companies must be respected and uncertainty in economic and political matters must be settled otherwise no one will be ready to invest in Pakistan.
He further said that 60% of Pakistan’s exports consist of textiles only therefore priority should be given to other sectors to balance it.
He noted that most of the private sector investment is directed towards non-productive sectors as they have higher profits and fewer difficulties. Borrowing to run the national economy will be the only option until industrialization is made more convenient and profitable than other sectors, he said.