Pakistan Industrial and Traders Associations Front for private sector’s role to spur economic growth
Lahore, October 09, 2014 (PPI-OT): Pakistan Industrial and Traders Associations Front (PIAF) has urged the government to utilize private sector expertise and experience to spur economic growth by expediting economic activities in the country.
In a statement issued here on Thursday, the PIAF Chairman Malik Tahir Javaid said that the Chambers of Commerce and Industry were the true representatives of the business community and the government should task them to prepare out-of-the-box solution to the challenges like low productivity and high unemployment rate.
“Since the private sector is engine of growth therefore the government should utilise it to put the economy back on rails with the needed speed.” The PIAF Chairman said that there was no second opinion about it that an economic growth of 7 to 8 per cent is required for at least next ten years to catch up the other economies in the region otherwise Pakistan would have little say in the global affairs for having a week economy.
Malik Tahir Javaid said that the government would have to show its confidence in the private sector that has first-hand knowledge of running large enterprises and has the ability to turn loss-making entities into to profitable institutions.
Elaborating the point, the PIAF chairman said that once the process of consultation with the private sector is expedited, the economy would start picking momentum as it is a proven tool that the local investments help attract foreign investors. ”If there is no local investment, no foreigner would be putting his money into any new venture in Pakistan.”
Malik Tahir Javaid said that the government would also have to look into all ongoing national projects pertaining to provision of electricity and gas to overcome the losses caused by the political uncertainty in recent months. He expressed the optimism that the Prime Minister Nawaz Sharif would again divert his attention towards the economic issues with the same vigour with which he took his start after May 11 elections.
The PIAF chairman said that the elections of all the trade bodies had already completed in the month of September therefore it would be wiser on the part of the government if it takes new Chambers’ leadership into confidence on economic challenges so that a solution could be evolved without any further delay.
For more information, contact:
Pakistan Industrial and Traders Associations Front
110/s Kot Lakhpat Industrial Estate
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