Govt Aware Of Business Community's Challenges: Khusro Bakhtiar
Fakhir Rizvi 4 days ago Fri 12th October 2018 | 12:22 AM
Federal Minister for Planning, Development and Reform Makhdoom Khusro Bakhtiar Thursday said the government was well aware of the challenges being faced by the business community and taking all possible measures to provide them an enabling environment to grow and contribute to national economy.
ISLAMABAD, (UrduPoint / Pakistan Point News - 11th Oct, 2018 ) :Federal Minister for Planning, Development and Reform Makhdoom Khusro Bakhtiar Thursday said the government was well aware of the challenges being faced by the business community and taking all possible measures to provide them an enabling environment to grow and contribute to national economy.
He said " In today's world, there are essentially three pillars sustaining any nation building process, the government, civil society and business," adding that the nation's development could be only achieved when these three worked together.
The Minister added that the private sector's potential to contribute to the treasury's domestic revenues was critical for meeting the government's developmental goals by financing essential public goods and services.
The minister noted that major roadblocks to growth had been the historically low private investment, little or no investment by business in R&D and domestic operations.
Pakistani businesses needed to step out of their comfort zones and invest in acquiring latest technology, business practices to become competitive at regional and international level and employing our growing youth bulge in value added industries of the future especially science and technology, he added.
The minister stated that sustainable development was best served where private sector positions itself to foster inclusive growth noting that "Our talented private sector has the potential to lift people out of poverty.
" He further said that evidence suggested that over 80% of jobs in developing countries were created by the private sector however unfortunately only 25% of the working-age population was engaged in productive employment.
The minister said that the government acknowledged the positive role the businesses had played in the development of the country and their ability to navigate tough political and economic cycles.
'Now is the time that we work together to change the destiny of our country." Talking about CPEC, the Minister stated that the project was graduating from start-up phase to a more mature period in its development.
He stressed upon the industrialists to bridge the industrial divide between Pakistan and China by initiating joint ventures in various sectors including manufacturing, services, construction, agriculture and energy.
The Minister congratulated the best performing CEOs and companies on their achievements and hoped that they would continue to contribute to the country's socio-economic development for a prosperous Pakistan.