President, Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Riaz Ahmed Tata has called for close co-ordination between the business community and the armed forces, who are the strong pillars of the country.
While meeting with the participants of the National Defence Course, led by Chief Instructor, National Defence College, Rear Admiral Syed Afzal calling on him at Federation House, he said that apparently the commercial community and defence forces look two different poles but in actual sense both are inter-linked.
The matters of business community are largely dependent on the prevailing conditions on the borders and strong and vigilant security on borders in addition to peace and security within the country are the fundamental pre-requisite for economic growth of the country, Riaz Tata added.
The FPCCI President said that we are living in the age of information technology and the countries not geared to keep pace with the modern requirements are bound to lag behind in the race.
The new emerging realities under WTO have placed developing countries in a difficult situation. "We must change our mental outlook and give first priority to technology," Tata asserted.
Stating that regional blocs like European Union, Nafta, Asean etc. are all fast developing economic co-ordinations within their regions but two regional blocs, Saarc and ECO have not produced desired results so far.
Riaz Tata said Pakistan being a member of both the blocks should play pivotal role in their economic development and mutual co-operation. "Effective steps are needed to increase trade with neighbouring countries."
The FPCCI President said that Pakistan has placed no restrictions on foreign investment in the country or repatriation of profits but the investment has not come in a big way due to problems of peace and security within the country.
He said that technology related investment is most welcome and added that the investment creating more employment is the real investment.
Riaz Tata regretfully said that the cost of doing business is very high in Pakistan.
There is multiplicity of taxes and tax rates are very high. 1000 companies pay 80 percent of total taxes and all the more only one percent of population is paying taxes, he emphatically added.
He said that 52 percent of the world's total trade is in the service sector, which Pakistan strongly lags behind in and called for the market-oriented approach by the government.
In this connection he mentioned that when the Turkish Prime Minister came to Pakistan he brought along 100 top businessmen with him and proposed that marketing people be appointed in our Embassies abroad.
Rear Admiral Syed Afzal speaking on the occasion said that the National Defence College organises two main courses every year, a National Defence Course and the War Course.
He said the primary focus of the National Defence Course is on national security and it is open to armed forces, civilians and foreign nationals but, he added this year no private businessman is attending the course although last year there was one participant from private sector.