President of the United Business Group (UBG) and former President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Zubair Tufail, has welcomed the Asian Development Bank’s (ADB) commitment to addressing Pakistan’s development needs, increasing private-sector participation, and promoting economic growth through innovative investment.
He said that the promotion of Public-Private Partnerships (PPP) would reduce pressure on the government’s limited resources, while private sector investment and expertise would help improve infrastructure and public services.
Zubair Tufail said that ADB’s support for upgrading Pakistan Railways, modern agriculture, digital transformation, workforce development, and infrastructure development was a positive development for the country’s economy.
He said that the visit of ADB Vice President for South, Central and West Asia, Yingming Yang, to Pakistan and his meetings with senior government officials, business leaders and development partners were positive indications that international financial institutions attached importance to Pakistan’s economic recovery and growth prospects.
The UBG President said that Pakistan particularly needed large-scale investment in railways, energy, infrastructure, agriculture, digital technology and modern skills development for its workforce. He added that ADB’s potential cooperation in upgrading Pakistan Railways, developing modern infrastructure and supporting other development projects was of great importance to the country’s economy.
Zubair Tufail said that ADB’s interest in modern agriculture, digital transformation, future skills and employment opportunities for young people in Punjab was also welcome. He said that equipping Pakistan’s growing youth population with modern skills was the need of the hour so they could benefit from employment and business opportunities in both domestic and international markets.
He said that, along with economic stability, Pakistan needed structural reforms, an investor-friendly environment and greater opportunities for the private sector to increase both domestic and foreign investment.
The UBG President expressed hope that growing cooperation between ADB and Pakistan would play an important role in achieving sustainable economic growth, creating new employment opportunities and addressing the country’s development needs.
