Outgoing Chairman Pakistan Vanaspati Manufacturers Association (PVMA) Atif Ikram Sheikh has said that Prime Minister Imran Khan is very serious about economic revival and the business community fully support his vision and decisions to boost the economy. The Country is heading in the right economic direction while some recent decision have gone down very well with the business community, he said.
Atif Ikram Sheikh who has also served as Vice President FPCCI and President ICCI said this after a meeting with the PM in which the later assured all-out support to the business community.
Sheikh said that former Vice President FPCCI Karim Aziz Malik and other leading businessmen as well as Minister for Industries Muhammad Hammad Azhar, Advisers Abdul Razak Dawood, Dr Abdul Hafeez Shaikh, Governor State Bank of Pakistan Dr Reza Baqir and other senior officials were also present in the meeting.
He said that PM has restated in the meeting that the government was committed to facilitating the industrial sector and providing them all possible incentives and that development of construction and industrial sector would accelerate the economic process.
The PM has assured that he will welcome any proposal regarding the development of the industrial sector to create jobs and boost economy.
He said that Prime Minister Imran Khan’s claim that an economic recovery is spreading across the country is based on facts as the economy is finally heading in the right direction while masses and businessmen are pinning high hopes on the PM as the economic picture is getting brighter.
However, he said that the country needs more economic reforms in various sectors including the energy sector that should not be delayed despite stronger economic indicators.
Commenting on depreciation, he said that cheap rupee has discouraged imports and helped rein in the current-account deficit giving some sectors a shot in the arm.
The business community believe that there is a clear positivity on Pakistan’s economic front and we have the ability to meet foreign debt payments.
He noted that Pakistan’s economy remains under some pressure because we don’t raise enough revenue to meet our expenses, causing us to borrow money and getting trapped in escalating debt.
Now, FBR is going after retailers, wholesalers and real estate tycoons which is great for raising the tax base and it will also push people to invest in productive businesses versus parking their money speculative ventures.
The government needs to be more aggressive in pursuing this reform process to eradicate poverty and end dependence on borrowing while enhancing the social safety net for those falling behind, he demanded.