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 corruption and incompetence are the biggest problems confronting Pakistan.
Low tax to GDP ratio and wastage of resources are also serious problems that can be improved, he said.
Mian Zahid Hussain said that after coming to power, every government started focusing on personal welfare and started promoting supporters and allies instead of reviving the national economy.
Talking to the business community the veteran business said that people are told that their destiny will be changed but the ruling class always focuses on changing their own destiny which has shaken the foundations of the country.
He regretted that appointment of incompetent people to the most important positions had enraged the masses and brought the country’s economy to its knees.
Trade agreements were finalized with other countries which proved extremely harmful for the economy.
A trade agreement with a friendly country would cost Pakistan over 13 billion a year, he informed.
Mian Zahid Hussain said that we are short of time to save the country but leaders do not care because we get loans to run the country but it is forgotten that there is a limit to borrowing.
Addiction to dollars and aid is killing the economy and the majority of the government and the private sector organisations have become accustomed to bailouts and tax breaks with no sign of smart investment in the country which is the key to reducing imports and increasing exports.
Mian Zahid Hussain said that how can the dollar stop in a country whose imports are more than double its exports?
Massive imports will send foreign exchange abroad, it will weaken the rupee further and everything will become more expensive, he observed.
By June, the current account deficit will be $20 billion, consuming a large portion of the government’s revenue, while generating the most expensive electricity in the region is making life difficult for the people and the business community.
Mian Zahid Hussain added that along with policy measures to reduce imports, priority should be given to the industrialization process in the country.
Non-productive sectors have become so influential that policies are formulated according to their interests and development through industrialization in the country can only be seen in the flowery speeches of the leaders.