KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Wednesday lauded the commitment of government towards social and economic development of the country.
President Mamnoon Hussain’s first 3-day state visit to China will go a long way in ensuring economic revival at a rapid pace and culmination of chronic energy crisis which has resulted in loss of Rs 2 trillion in past five years, said Vice President FPCCI Munawar Mughal.
He said this as head of a delegation of leading entrepreneurs at a dinner hosted in their honour by President Mamnoon Hussain. Chairman of the Founder Group of ICCI Abdul Rauf, Mian Mehboob Elahi and Tariq Sadiq former President of ICCI were also present on the occasion.
Mughal said that the visit would help further cement already close and cordial cooperation between two countries taking time-tested friendship to new heights.
Chinese support in addressing our energy deficit by developing wind, solar, hydel and nuclear energy resources and construction of an economic corridor will go a long way in improving standard of living of masses by reducing poverty and generating job opportunities, he noted.
International, regional, economic, social, and strategic cooperation with Beijing must remain top priority of the government as Pakistan’s prosperity and future is tied to China, said Mughal.
Capitalism is malfunctioning while China has introduced a superior economic model with lower tax and regulatory burdens which must become a learning model for Pakistan, said Abdul Rauf.
Mehboob Ilahi and Tariq Sadiq lauded the government for deepening economic co-operation and strengthening people-to-people contacts between the two countries.
The delegation assured full cooperation in restoring investors confidence, better management of the national assets, deregulation, and much-awaited structural reforms.
President Mamnoon Hussain said that government is alive to the problems of the business community and masses.
He said that we have been focusing on improving power and forex reserves situation, cull circular debt, rebuild economy, cut wasteful expenditure, abolish grants and unjust exemptions, increasing tax revenues and invest heavily in the human and physical infrastructure.
Cheap power generation, enhance availability of water, helping poor, provision of loans and laptops to youth, reducing inflation, ensuring peace, increasing growth rate and getting maximum benefit from GSP while keeping lenders satisfied is evident from international recognition of our policies, he added.
The President said: :We are trying to reduce prices of essential items and clip borrowings, pushing exports and remittances, reduce unnecessary imports, stabilise the exchange rate and pave way for increased domestic and foreign investment to ensure a better future.