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 Wednesday welcomed the announcement of the economic recovery plan by Prime Minister Mian Shahbaz Sharif. The implementation of this project is expected to attract foreign investment of 100 billion dollars, and he said this project can be a game changer for Pakistan. Mian Zahid Hussain said that the presence of the Army Chief, four provincial chief ministers, senior federal and provincial ministers and senior officers at the time of the project announcement shows that it has the full support of all partners and the army, which is very encouraging.
Talking to the business community, the veteran business leader said that a Special Investment Facilitation Council under the Prime Minister had been set up to implement the decisions so that the investment projects could be realised smoothly to boost the declining economy.
He said that according to the plan, special attention would be given to the development of defence production, agriculture, livestock, minerals, and energy sectors, and investment from friendly countries would be attracted.
He added that foreign direct investment will also be attracted, and investment projects will not be suspended due to various legal and administrative issues. The business leader said that an executive committee would also be formed under the council to speed up development projects and facilitate investors so that council decisions can be effectively implemented and investors save time in various offices.
According to the plan, communication and coordination between the Center and the provinces will be increased so that the speed of implementation of investment projects can be increased without interruption. The Chief of Army Staff has also assured full cooperation in the success of this project, which is fundamental in ensuring the country’s development and prosperity.
Mian Zahid Hussain further said that economic development is a means of improving the condition of the people and giving them employment. We need to harness the talents of our youth and women.
The economy is facing a difficult situation at the moment, the IMF program has stopped, and there are few days left for it to end. Pakistan has to repay the loans of 20 to 25 billion dollars in the next few months, or these loans must be rescheduled.
The public and the business community are worried; the production situation is alarming, banks are not providing foreign exchange for imports, and investor confidence is steadily declining.
The most uncertainty is in the production sector, so initiating such a project needs time, but it will take at least a year to show its initial results. Mian Zahid Hussain said that along with this plan, we also need to reduce business costs to increase exports.