Progressive market-oriented reforms are a recipe for rapid growth: Mian Mansha

LAHORE: Mian Muhammad Mansha Wednesday gave the recipe to rapid economic growth, saying that progressive market-oriented policies, based on modern methods are the key success.

From price controls to capital market operations, reducing trade barriers and minimizing state influence in the economy, especially through privatization and austerity, Pakistan can truly achieve rapid growth.

Noted industrialist and banker Mian Muhammad Mansha expressed these views while addressing a meeting held at Lahore Chamber of Commerce & Industry (LCCI).

LCCI President Mian Nauman Kabir delivered the welcome address while Senior Vice President Mian Rehman Aziz Chan, Vice President Haris Ateeq, CEO Service Group Chaudhry Arif Saeed, Former Presidents Sohail Lashari, Almas Haider, Former Senior Vice President Amjad Ali Java, former Vice Presidents Zeeshan Khalil, Tahir Manzoor Chaudhry, Executive Committee members of Lahore Chamber also addressed on the occasion.

Mian Mohammad Mansha said privatization promotes various sectors of the economy; we have the example of the telecom sector where privatization has made it possible for everyone to have access to everything from telephone to cheap calls.

He said that the good deeds of the state should be appreciated; it is good that motorways were built in the country, development work was done expeditiously but at the same time the state should also focus on those sectors on which billions of rupees are being lost annually.

He said that privatization of airports along with Pakistan International Airlines would also increase their efficiency and this sector would become cheaper as well as standard. Similarly, the railway, which was a lucrative business during British rule, has now become a burden to the state. One of the reasons for the high cost of electricity is state intervention.

Mian Muhammad Mansha added that no importance of water in Pakistan is because of its free provision. He emphasized the importance of improving relations with the countries of the region and said that one of the reasons for Europe’s development was its softening of borders with each other and promotion of bilateral trade.

He said that in order to increase the tax net, tax rates would have to be reduced. When the tax rate was reduced in Russia, the tax net doubled, he informed.

He said that we have to eradicate poverty, and that all the things that are putting a brake on the state should be privatized.

He said that in no other country in the world gas was supplied through pipes and resources were not wasted on such a large scale. He said that the system is a burden on the state and major changes were needed in the basic structure of the bureaucracy.

LCCI President Mian Nauman Kabir congratulated Mian Muhammad Mansha on his appointment as Chairman of the Advisory Council of the British Asian Trust in Pakistan and said “We all are witness to your illustrious career, extraordinary achievements as an entrepreneur and one of the most successful Pakistani businessmen who have left a lasting footprint across Pakistan”. He said be it Textiles, Cement, Banking, Insurance, Power Generation, Hospitality, Agriculture, Dairy or Paper Products, your group has achieved unmatched success under your exemplary leadership.

President LCCI said that because of the deep understanding of the stiff challenges confronted by our Economy and the nation as whole, the business community would like to have the perspective as to how Pakistan can emerge as a competitive economy in the region which is not only creating tremendous employment opportunities for its youth through industrialization and also earning significant export revenues and foreign direct investment.

LCCI Senior Vice President raised questions regarding the low trend of manufacturing of FMCG products in the local sector of Pakistan and said that big business people of Pakistan should take full part in the education sector. He requested Mian Mansha to maintain regular liaison with the Lahore Chamber and to form a working group so that the Lahore Chamber and the business community could receive permanent guidance.

LCCI Vice President welcomed Mian Muhammad Mansha to the Lahore Chamber. He said that political consensus and implementation of the concept of national economy was very important for the development of the country’s economy. Instead of a few sectors, investment in all sectors of the economy will lead to more jobs and sustainable growth and urged that Pakistan should follow Singaporean MPH Model of meritocracy, pragmatism and honesty to become a successful nation in all walks of life.

Lahore Chamber Vice President thanked Mian Mansha for sponsoring the LCCI Library to be digitized.

Copyright Business Recorder, 2022