Political stability imperative for a healthy economy

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ISLAMABAD:

Sustainable political stability is a prerequisite for a healthy economy, which promises greater prosperity for people from different strata of society, Saarc Chamber of Commerce and Industry chairman Iftikhar Ali Malik said on Tuesday.

When meeting with a delegation of traders from Karachi, led by Chairman of United Business Group Zubair Tufail, Malik said Pakistan at this critical stage in the aftermath of Covid-19 could neither endure the unrest policies nor allow political instability.

“We need a stable and unbroken democracy, which is a prerequisite for sustained economic growth to face multiple challenges,” he said.

Malik added that the times had changed as now influential nations were paying more attention to financial warfare to continue their domination.

“These countries are successfully using their weapons of economic destruction to weaken the economies of poor countries in order to achieve their ungodly designs while the Pakistani economy is not strong enough to resist economic terrorism,” he said.

The president of the Chamber of Saarc underlined that it was indeed important to increase exports and for that, “we must reduce our costs of doing business so that our products become competitive on the international market”.

Read more: The economy is doing well but political stability is lacking

He said trade facilitation was the key to promoting industries. “We must remove all obstacles and create a culture of trade facilitation,” he added. Malik stressed the need for consistency in government policies and a clear roadmap for moving forward.

He was of the opinion that all sectors, including the industrial sector, should fulfill their national obligations and play their role in strengthening the economy while the government should introduce reforms and control the smuggling of raw materials and products. finished.

He urged the government to conduct market research to find new export destinations for Pakistani products, which were among the best in the world in terms of quality and price.

Chamber chief de Saarc said Pakistani missions abroad should be required to showcase Pakistani products and disseminate trade-related information so that entrepreneurs can take advantage of the opportunities there.

Posted in The Express Tribune, July 21st, 2021.

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