Speakers at Pakistan Business and Economic Summit said the government has achieved most of the macroeconomic targets during last three years; however, declining exports still constitute a big challenge that should be focused by the policymakers. The summit was organised by Nutshell Forum in collaboration with Corporate Pakistan Group in association with Overseas Investors Chamber of Commerce and Industry (OICCI) and Pakistan Business Council at a hotel here Saturday.
The summit was supported by Ministry for Water and Power; Board of Investment, Privatisation Commission of Pakistan and Pakistan Telecommunication Authority. The speakers said that increasing oil prices in the international market and declining exports are negative signs for the country''s current account balance. However, they were optimistic about China Pakistan Economic Corridor saying the country''s economy is bound to grow faster with the completion of the projects of over $46 billion Chinese investment in Pakistan.
They suggested that the government should introduce reforms especially in the tax system and other sectors should be brought under tax net to achieve 6 to 7 percent growth rate of GDP that is essential of economic stability. Speaking on the occasion, Privatisation Commission Chairman Mohammad Zubair said Pakistan''s economy was facing uncertain situation in 2013. Government worked day and night in its first three years to revive country''s economy that put the economy on the path of prosperity. Pakistan Stock Exchange is now the best stock exchanges of region and its rise is proving of governments successful economic policies.
The Prime Minister spokesman Mussadiq Malik said that CPEC is a revolutionary project under which new power plants will be set up and new employment opportunities will be created. Heavy investment will change the fortunes of Gwadar and Balochistan. Thar will also reap benefits of various projects. New Power plants will be established in Sindh which will solve electricity problems of province.
Special Assistant to the Prime Minister on Revenue, Senator Haroon Akhtar Khan said that business community is responding positively to government''s policies pertaining to taxes. Increase in number of tax payers is the evidence of the government''s successful policies. "We are in process of implementing new polices to bring more improvement in country''s economy", he added.
Expressing his views at the inaugural session of Pakistan Business and Economic Summit, Muhammad Azfar Ahsan, Founding CEO Nutshell Forum said think tanks working in various countries are playing effective role in policy research and analysis that provide systematic analysis to enable them make informed and quality decisions about domestic and international policy related issues. Role of think tanks in Pakistan is very limited. "From this platform of Nutshell Forum and Corporate Pakistan Group, we want to highlight the importance of think tanks in Pakistan," he said.
Chairman Board of Investment Dr Miftah Ismail said that Pakistan has capacity to produce 60,000MW power. "We have to use our gas and coal reserves to increase power production in the country," he added. He asked the private sector of the country to come forward and play their role for the sustainability of economy and growth. He said the share of foreign investment is only five percent while 95 percent investment is domestic. Chairman Arif Habib Group, Arif Habib said that rules for listing of new companies should be revived to encourage more listings on the stock market. He said there is need to set up DFIs in the country. He also suggested that the government should introduce new tax laws for the real estate sector.
Mohammad Ali Tabba, CEO, Lucky Cement Limited and Vice Chairman, ICI Pakistan Limited said private sector can play role in investment and job creation to achieve required 6 to 7 percent GDP growth rate in the country. He said implementation of policies is a key challenge in the country. He said that 1974 Nationalisation Policy stopped the industrialisation in the country. He said there is a need to introduce reforms in the tax system and new sectors should be brought under tax net. He said smuggling, under invoicing and misdeclaration are big challenges for the local industry.
Prominent personalities from numerous national and multinational spoke during this conference and apprise the participants about the challenges and opportunities of their respective sectors. Dr Miftah Ismail (Minister of State & Chairman, Board of Investment); Dr Syed Ismail Shah (Chairman, Pakistan Telecommunication Authority); Ehsan A. Malik (CEO, Pakistan Business Council); Shahab Rizvi (President, OICCI); S. M. Shabbar Zaidi (Senior Partner, A. F. Ferguson & Company, a member firm of PwC); Syed Asad Ali Shah (Managing Partner, Deloitte Pakistan); Syed Masoud Ali Naqvi (Chairman, Tax Reforms Commission & Member of Tax Reforms Implementation Committee); Dr Farrukh Iqbal (Dean & Director, IBA); Kimihide Ando (CEO for Pakistan & Senior Vice President, Mitsubishi Corporation, Japan); Hassan Nasir Jami (Additional Secretary for Water & Power); Khalid Mansoor (Vice President, OICCI & CEO, HUBCO); Shamsuddin A. Shaikh (CEO, Sindh Engro Coal Mining Company Limited); Mohammad Ali Tabba (CEO, Lucky Cement Limited & Vice Chairman, ICI Pakistan Limited); Dr Mirza Ikhtiar Baig (Chairman, Baig Group); Zafar I. Sobani (Board Member, Privatisation Commission); Abrar Hasan (Director, PBC & Managing Director, National Foods Limited); Dr Amjad Waheed (CEO, NBP Fullerton Asset Management Limited); Abdul Aleem (CEO & Secretary General, OICCI); Mosharraf Zaidi (Columnist & Founder, Alif Ailaan); Dr Huma Baqai (Anchor, Analyst & Associate Professor, IBA & Board Member, FWBL) and Malahat Awan (CEO, British Business Centre) spoke during various sessions of Pakistan Business & Economic Summit. Over 250 delegates, including CEOs, ministers, diplomats, energy experts, investors and members of civil society will participate in Pakistan Business & Economic Summit.
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