Challenges to and opportunities for businessmen: IIPS organises online session

ISLAMABAD: Iqbal Institute of Policy Studies (IIPS) Monday organised an online session on the challenges and opportunities available to business community and investors during the current situation amid Covid-19 in line with the economic strategies/policies adopted by other countries.

In a live session organized by Iqbal Institute of Policy Studies, the participants focused on the challenges and opportunities available during the current situation and expressed their views. "In the current times when coronavirus has adversely impacted economies around the world, the need to pragmatically assess the situation, strategize and ensure sustainability beats all", participants highlighted.

The session was attended by various industry leaders from different fields of life including the Federal Parliamentary secretary for Commerce Ms. Shandana Gulzar Khan, President IIPS Advisory Board Lt. Gen. Haroon Aslam, Shafiq Akbar Chairman Imarat Group of Companies, Mian Muhammad Idrees CEO Sitara Group and Dr. Mirza Ikhtiar Baig Chairman Baig Group.

The participants gave their insight on how the ongoing pandemic is adversely affecting the economic activity of the country, the long term adverse effects it will have on the post-COVID world and how other countries are coping with the same circumstances. In a constructive economic discussion, the Federal Parliamentary Secretary for Commerce, Ms. Shandana Gulzar Khan stated that it was her firm belief that only trade and not aid will help Pakistan in moving forward. She further stressed that the government should work on the sectors that are most patronized to give a boost to the economy. Through the Ehsaas Emergency Cash Program, the government has been able to help the community's daily wage workers in these adverse times, she stated in defense of the government's strategies to counter the impact. Ms. Shandana further specified that, "Unless and until all businesses move forward step by step, we will not be able to push our economy from the bottom up. For that purpose, we need to implement constructive changes in our previous business models."

Talking about the opportunities and possibilities in the Real estate sector, Chairman Imarat Group of Companies, Mr. Shaqfiq Akbar emphasized that the need to be creative with product alignment and strategies is more than ever as the post COVID environment will be very different from now. He identified that we may not be able to achieve a digital Pakistan any time soon but what we can do is form policies that encourage businesses to grow.

President IIPS Advisory Board Lt-Gen. Haroon Aslam said that the world has faced a surge of unexpected consequences due to the outbreak of Coronavirus that is causing major economic disruption with severe impacts, various techniques to mitigate the effects of the pandemic and kick start the economy is indispensable.

The CEO Sitara Group Mian Muhammad Idrees demanded that since no country can survive in isolation, the government should study the facilities the other countries have provided and hold dialogue with them.

Dr. Mirza Ikhtiar Baig, Chairman Baig Group stressed that "the first and foremost thing to change is our mindset and adopt an intensive approach."