The economic managers of Pakistan Tehreek-e-Insaf (PTI) should make extensive consultation with chambers and business leaders to formulate comprehensive, viable and result-oriented economic policies to put Pakistan back on road to progress and prosperity.
Addressing a meeting of the business leaders in Faisalabad Chamber of Commerce & Industry (FCCI) here on Monday, Sheikh Farooq Yusuf Acting President FCCI said that during last years the Chambers of Commerce & Industry and business leaders were badly ignored in the formulation of economic policies. He said that FCCI has been demanding since long that all economic policies must be framed in the consultation with the stakeholders concerned. "It will not only dispel the apprehensions and reservation of the business community but also help government to take appropriate steps to save the economy from the expected negative impacts", he added.
Farooq Yusuf further said that upon our persistence demands, the government had started the consultation process with the chambers but it was just a cosmetic step. "In most of cases, proposed draft was agreed amicably before the formulation of policies but at the time of issuance of notification, some hidden clauses were added which totally nullify or dilute the possible impact of the policy on economy", he added.
He said that because of such tricky game, the exports experienced a major setback and now the import and export gap has posed a serious threat to the economic viability of Pakistan. He said that the economic experts of PTI have already been working on economic issues. "They fully understand the intricacies and complications of the existing economic policies and hence, they should take business community into confidence and formulate new progressive economic policies which could drag Pakistan out of the current turmoil", he added.
He said that these policies should be kept ready before the commencement of the first session of newly-elected National Assembly so that these could be approved and vetted by the elected house before its promulgation.
Sheikh Farooq Yusuf also repeated the outstanding demand of FCCI that Pakistan should focus on export of finished and high tech products instead of exporting raw and semi finished goods.
Regarding textile, he said that textile sector of Pakistan needs revolutionary reforms so that it could maintain its supremacy in this field being a major producer of cotton. He further said that it is the main foreign exchange earnings sector which need complete overhauling of obsolete and redundant technology to make our products acceptable in international markets and this objective could not be achieved without the active financial, administrative and regulatory support of the government.
He also mentioned a viable and vibrant livestock sector which could provide Halal Food and meat to oil rich Middle East countries but despite of best efforts we failed to produce a chain of high value products from milk and meat. He said that this sector has potential to wipeout rural poverty in addition to opening new avenues of exports to earn precious foreign exchange for the country.