Karachi, July 14, 2014 (PPI-OT): President Pak-China Joint Chamber of Commerce and Industry (PCJCCI) Mr. Shah Faisal Afridi has appreciated present government for undertaking initiatives that have boosted the Gross Domestic Products (GDP) growth up to 4.1 percent, which is the highest in the past five years, as stated by State Bank of Pakistan (SBP) in its third Quarterly Report for FY14 on the State of Economy.
While commenting on the SBP quarterly report, Mr. Afridi said that the present government had encouraged the private sector through loans and other business friendly policies, which proved to be successful in increasing private consumption by 5.9% that was the real driving force behind the economic growth. It was more than double what was realized in FY13, he added.
Shah Faisal Afridi suggested that in order to avoid obstruction in economic growth, further planning should be done in such a way that industrial sector remains least affected by energy crisis. He also emphasized to develop alternate energy sources for maintaining regular energy flow to the industrial sector.
Faisal Afridi said that improvements in the economy are the result of the government’s resolve to address the energy shortage, a growing perception of business friendly policies, and external inflows that have recently been realized. More specifically, auction of 3G/4G licenses etc have sharply improved the outlook of the country’s external sector, and to some extent, its fiscal position, he added.
He suggested that policymakers should formulate an Industrial Policy leading to the production efficiency and job creation in the country. The new initiatives should focus on promoting competitiveness and creating a skilled labor force to meet the current needs of manufacturing sector.
Faisal Afridi observed that Pakistan’s investment rate can be increased only by addressing the law and order situation and ending the energy crisis in the country. He said that tax exemptions, corruption and leakages in the tax-collecting machinery should be eliminated and measures should be taken. He was of the view that after cleaning of the tax collection system, government would be able to build the lost confidence of taxable class of the society that will help expand the tax base by including all productive sectors of the economy.
For more information, contact:
Pakistan China Joint Chamber of Commerce and Industry (PCJCCI)
Mega Tower, 309 – 6th Floor,
Main Boulevard, Gulberg II,
Lahore, Punjab – Pakistan.
Tel: +92 42 35777460- 02, 37032203 – 35874353
Fax: +92 42 35777524