President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of and former provincial of Mian Zahid Hussain on Wednesday said that inflation is increased by 1 percent to 5.2 pc in June as compared to 4.2 pc in May 2018. Rupee devaluation against USD has drawn a positive impact over exports which have risen by 46 pc in May this year as compared to the May 2017.
Exports have reached to $ 21.33 US which is $ 1 Bn higher than that of 2016-17; however increased inflation caused higher cost of doing business equally affecting all people.
The veteran business leader while talking to the business community said that it is vital for the incoming Government to reduce reliance on imports and improve export sector through incentives and look for new international markets for value added products in order to attain economic stability. To restructure the economic system on modern lines, the incoming Government should introduce business friendly policies, realistic exchange rates, and competitive energy prices for export sector.
The former minister said that free trade agreements should also be reviewed and the informal sector should be provided levelled playing field so that it may partake equally in the economic development of the Country. Reduction in cost of doing business will allow new investors to bring more investment in the industrial sector and existing industries will grow and flourish thus increasing incomes will improve the purchasing power of the people.
Mian Zahid Hussain said that to take Pakistan to a distinguished place across globe, Government should immediately address the burning issues including water scarcity, increased cost of doing business, inflation and global warming. Increasing foreign reserves, improving balance of payment, marketing Pakistan’s products in a modern way and reliance on locally manufactured products are some important areas where Government should focus, he added.
He said that growth of trade and industry depends on the situation of education, skills, power and water supply and tariff, ease of business and law & order situation. Business community is ready to work collectively with the Government and elected representative and to provide support in all aspects. Pakistanis should work together to increase dependency on local products; increase in local products consumption will bring prosperity in the Country and growth to the National economy.