Karachi, April 17, 2015 (PPI-OT): Being the representative of private sector and major stakeholder of national economy, FPCCI has submitted its plan for economy revival of Pakistan to the government which is purely impartial, unbiased and transparent basis. This was stated by Mian Idrees, President FPCCI in a meeting with foreign diplomats for sharing FPCCI’s views with them for economic revival of Pakistan.
The meeting was attended by foreign diplomats prominently Mr. Aeron Carlton, Economic Officer from US Consulate, Dr. Akira Ouch from Consulate of Japan, Commercial Counsellor from Turkish Consulate, Honorary Consul Generals in Pakistan and leading Economist Dr. Manzoor Ahmed and Engg. M. A. Jabbar. The other offices of FPCCI at Lahore and Islamabad were also linked through video conferencing.
Mian Idrees said that in the global regime the private sector have proved its importance in the development activities of an economy and FPCCI is revealing its economic strategies for the betterment and prosperity of the country. He further said that we cannot afford the policy of wait and see but to start economic development work on fast track to save our next generations and ideology.
In a brief presentation of FPCCI’s economic revival plan, Dr. Ayub Mehar, Director General R and D explained that Pakistan has been facing failure of economic planning since early 1970s, declining in GDP growth rate since earlier 1990s, and the lowest ranking in per capita income in the region since 2001. He further said that in the past various DFIs were playing important role in the economic development which is now negligible.
He further said that the economic policies should be de-politicized and the projects should be purely run on feasibility and economic policies because acceleration in the development projects enhances the demands of financial services. Dr. Ayub Maher further revealed that more than 50% of industrial capacity in various sectors is idle. It was also revealed that the government might be missing the export target this year because except 0.4% growth in the export of textile, the export of other sectors is not significant.
The Consul General of Japan invited attention towards borrowing from IMF for development projects which was clarified by Dr. Ayub Mehar that we are emphasizing on FDI to improve the foreign exchange reserves of Pakistan to avoid borrowing from IMF.
Dr. Manzoor Ahmed, a senior economist said that our economy cannot be revived till our bilateral trade in not enhanced. He said that in fact after 2002 our bilateral trade has not been liberalized as we put several duties on everything. The SRO culture is becoming very strong day by day. He said that we are facing acute shortage of energy which has hampered our industrial development. He further said that in the coming 5 to 7 years there will be another problem of shortage of water if measures are not taken.
For more information, contact:
M. A. Lodhi
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Tel: +92-21-35873691, 93-94