KARACHI: President of the United Business Group (UBG) Zubair Tufail has requested Prime Minister Shehbaz Sharif to reconstitute the National Economic Advisory Council (NEAC) in view of the current economic situation in the country. Authentic and credible representatives of the business community should be included in the council so that the government may get better and workable suggestions in the constantly changing economic environment.

The council was formed last year but it does not appear to be active as the country’s economic health is deteriorating almost by the day. The business environment is also not suitable and exports are continuously decreasing. There has been a severe shortage of raw materials and the manufacturing sector is suffering as a result.

According to the UBG’s Central Spokesman Gulzar Feroze, Zubair Tafail said that the prime minister formed the council after assuming power in 2022, but apparently this council is not active. He said that the economy should be the first priority of the government.

To find a way out of the current economic crisis and to deal with multiple economic challenges, the help of leading economists and industrialists should be sought. They in turn should be given the support of the federal government.

The president of UBG also advised the government to formulate short- and long-term policies in consultation with stakeholders for sectors such as trade, investment, agriculture, industry and services.

Copyright Business Recorder, 2023