Chairman Businessmen Panel for FPCCI, Mian Anjum Nisar has said that the most crucial milestone of economic stability has been achieved as the increase in foreign exchange reserves has created a 'buffer for absorbing any external financial shocks'.
A nominal increase in exports and drop in imports has significantly reduced the current account deficit with deferred oil payments also providing support.
He further said that business community is the backbone of the economy and early resolution of its issues must be a top priority of government and Prime Minister of Pakistan Imran Khan is working day and night for the good of business community and we assured our full support to PM in ongoing difficult times and we are with the vision of Imran Khan to reshape the economy and industry of Pakistan for the better economic growth of the country which is much needed.
The FY20 budget, which contains ambitious revenue targets and elimination of tax exemptions, such as GST zero-rating for the five major export-oriented sectors, shows that the stabilization measures are already afoot; he added.
Now it is also vital government privatisation process should be expedited so that white elephants will work through private sector, including government state owned enterprises which is another key element may immediately run with professional management for the due profitability so that expenses may curtail at some level.
He also highlighting the important role that the chambers of commerce play, and explained that as an independent body, the federation Chambers was in the business of advising governments by providing objective evidence and making a case for the betterment of the entire business community but unfortunately we didn't see this type of working from apex trade body and pledged that in the light of bleak performance of Federation; this year the manifesto of the Businessmen Panel is "how to reshape the FPCCI for a effective contribution in the economy of the country " for the forth coming Federation Elections.
Anjum Nisar further explained that United Business group (UBG) came to power promising a change in Federation, but unfortunately it has pushed the FPCCI to new low which has lost all its effectiveness and credibility in the eyes of the business community and the government, he said.
Now government is almost isolated in the front of trade diplomacy.
Yet different FPCCI officials are involved in an intense power struggle which is damaging the institution from the last two to three years which has weakened the institution.
He further viewed that due to lack luster polices of the UBG, the business community faced embarrassment in front of the government
and also at international fora too.