ISLAMABAD: Prime Minister Shehbaz Sharif Tuesday stated that the “charter of economy” is the need of the hour for the continuation of economic policies.
Addressing the concluding session of the day-long pre-budget business conference, the premier said that without political stability, economic stability is not possible. He said that this is a difficult time for the poor and the government is providing Rs2,000 per month to the vulnerable segment against an increase in the petroleum prices.
The prime minister said the real estate sector’s “windfall profit” has to be taxed for the sake of the country besides as land is limited, the government has to follow the policy of vertical construction.
“We are trying to repair relations with the friendly countries such as Turkey, etc, which are displeased over the lack of work during the last couple of years,” he said.
He said the business community should bring public-private partnership projects with the business association or council of different countries. The prime minister said that the government priority is to increase exports of textile and the IT industry adding that that the Indian IT exports are over $200 billion, whereas, Pakistan’s IT exports are hardly around $3 billion.
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The premier said that special export industrial zones have to be established on transparent and merit bases. He stated he has given the target to the IT minister for increasing IT exports to $15 billion in two years.
The prime minister said that the government would ensure implementation of the business community’s proposals. “We are importing expensive coal and there is a need to exploit local reserves, shell gas and tight gas policy. We are importing expensive billions of dollars fuel and have to turn renewable energy as the country cannot afford it,” he added.
He said various areas have been identified with promotion of growth especially, increase in textile exports, increase in agriculture-based productivity and an increase in IT exports. He said the federal government will make comprehensive plans in coordination with the provinces for economic development.
He said the development of rural areas is important for the development of the country and the agriculture sector can change the fate of the economy. The purpose of this conference is to solicit business community’s input in preparation of plans for the development of the country.
The prime minister also questioned as to who was responsible for the delay in the completion of power plants and the development projects at Gwadar?
Copyright Business Recorder, 2022
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