Adviser to the Prime Minister on Commerce, Textile, Industry, Production and Investment Abdul Razak Dawood said on Saturday that the country's economy was moving towards a right direction and there is declining trend in the trade deficit. Talking to media after addressing the "Applied Entrepreneurship - Think & Grow International Conference" organised by the Pakistan Industrial Technical Assistance Centre (PITAC) on Saturday, Dawood said the steps taken by the government have resulted in improvement in the country's foreign reserves. However, he said with devaluation of the local currency, there is inflation but the government's top priority is to check inflation and reduce deficit.
He said the government is striving hard to put the economy on right track and more efforts were being made for further improvement. He added that the institutions which are facing deficit would close down while business environment has improved in the country.
He said there are over 22,000 families in Pakistan which are doing business. When asked about the possibility of exporting donkeys to China, he did not reply to the query to avoid any controversy.
Earlier, addressing the conference, Dawood said the government was giving priority to innovation and promotion of entrepreneurship in the country. "Prime Minister Imran Khan was also keen to encourage entrepreneurship and appropriated steps were taken in that regard," he said.
Giving an example, Dawood said China and the United States (US) had become great nations due to massive contributions of entrepreneurs.
"The country needed more entrepreneurs to enhance business activities," he added. He asked the young entrepreneurs to adopt a long-term strategy to be successful in their respective fields instead of looking for overnight success. "An entrepreneur should have a proper vision as it was linked with success while failure was also a part of the process. One should not loose hope and be optimistic as failure also gave chances and lessons to rise," he added.
Dawood congratulated the PITAC for organising the event. Director General PITAC Muhammad Irfan Zaheer, Advisor PITAC, Dr Husnain Javed, Senator Waleed Iqbal and others also spoke.
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