Industrial Growth Can Lift Country From Economic Woes, SM Tanveer
Fahad Shabbir (@FahadShabbir) Published October 05, 2024 | 09:35 PM
The Patron in Chief of the United Businessmen Group (UBG) SM Tanveer has said Pakistan's industry has the potential to generate revenue and foreign exchange far above any credit facility being provided by some International Financial Institution (IFI)
HYDERABAD, (UrduPoint / Pakistan Point News - 5th Oct, 2024) The Patron in Chief of the United Businessmen Group (UBG) SM Tanveer has said Pakistan's industry has the potential to generate revenue and foreign exchange far above any credit facility being provided by some International Financial Institution (IFI).
Addressing the business community at Hyderabad Chamber of Small Traders and Small Industry (HCSTSI) here on Saturday, he added that the local industries only required due facilities to flourish.
He pointed out that the cost of electricity in Pakistan stood at 16 cents per unit in comparison to the global average of 6 cents per unit.
Additionally, the country’s interest rate hovers around 20 percent, a figure that was stifling growth and forcing businesses to shut down.
He urged the government to take immediate steps to address these critical issues and create an environment where local industries could thrive.
Tanveer emphasized that the key to resolving Pakistan’s economic challenges lay in strategic thinking and bold actions at the national level.
He believed that the economy could be revitalized through a reduction in electricity costs, lower interest rates, and by boosting exports.
The UBG's chief expressed optimism, predicting that 2025 would mark the take-off year for Pakistan's economy.
Tanveer contended that 37 million acre-feet of water was flowing into the sea annually which equalled to around $37 billion loss.
He urged for a focused effort on water conservation. The President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Atif Ikram Shaikh spoke about the severe impact of rising inflation, high interest rates and Currency devaluation on businesses.
He said despite the problems the FPCCI was actively engaging the government on those critical issues.
He revealed that constructive meetings had been held with the Prime Minister and Federal Ministers, particularly on the matter of Independent Power Producers (IPPs).
As a result, he said, Pakistani businesses and citizens could expect positive news regarding the IPPs by next month.
President HCSTSI Muhammad Saleem Memon, patron in chief of HCSTSI Amin Khatri and other representatives of the business community also expressed their views.
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