ISLAMABAD: The Federation of Pakistan Chamber of Commerce and Industry (FPCCI) Saturday said being the world's fifth most populated country, Pakistan had had all the ingredients to become a leading economic power.

The country needed to improve some policies which hindering growth and pay serious attention to long-awaited reforms, it added.

"We need tax reforms and tax system is not well-adjusted and discouraging for investment, impeding distribution of wealth."

Chairman FPCCI Regional Committee on Industries, Atif Ikram Sheikh said this in statement issued by FPCCI here.

Loans, trade deficit, and current account deficit had reached to new proportions which was highly worrying, he added.

Presently Pakistan's exports were around 20 billion dollars which were 25 billion dollars in 2011, he observed.

"We must improve the business environment and reduce the cost of doing business to sustain the country's economy," he said.