Islamabad : President Asif Ali Zardari urged businessmen and entrepreneurs to recommend solid measures to revive economy, contain inflation, promote growth and jobs creation in the country.
He asked them to prepare a Charter of Economy in consultation with all political parties to address serious economic challenges in non-partisan manner, with consensus, ensure policies continued uninterrupted and not reversed with change in government. “Challenges are not uncommon and new. No outsiders can help and resolve our problems. We have to help ourselves and find answers to meet challenges,” he said Tuesday at interactive session with businessmen, entrepreneurs from across the country at Aiwan-e-Sadr.
Finance Minister Dr. Abdul Hafeez Sheikh, Commerce Minister Makhdoom Amin Fahim, Privatization, Water & Power Minister Syed Naveed Qamar, Advisor on Petroleum Dr. Asim Hussain, Board of Investment Chairman Salim H Mandviwala, Federal Secretaries were present. It is part of brainstorm session on Federal Budget for next fiscal 2011-12 to seek recommendations of entrepreneurs, businessmen.
Zardari said energy shortage, circular debt, taxation reforms, restructuring public sector entities, economy documentation are critical issues and asked them to build consensus on these major challenges.Government inherited ailing economy which suffered heavy toll due to war against extremism, militancy and later unprecedented floods which alone caused $10 billion loss to economy. “We had taken challenges head on and plan for economic revival had been devised. We are aiming to reduce non-development expenditure to cut expenses, reform power sector, restructure public sector enterprises, incentivize remittances, develop special programs for poverty alleviation. We firmly believe in taking all stakeholders including businessmen on board while framing policies of national importance.”President said business community was an invaluable asset and any meaningful economic development was not possible without their enterprise, cooperation, contribution in budget formulation exercise. He urged them to avail investment friendly liberal incentives package to revive, rebuild war ravaged economy and encourage foreign investors to invest.
He felt lack in policies continuity was also one of important aspects in economic instability. Energy sector suffered most due to reversal of energy policies of mid-1990s. “We believe that object of growth strategy must be social and human uplift. The government focused on drawing people out of poverty trap. BISP, a special poverty alleviation program is needed to provide social cover to poorestof the poor.”
He said subsidy regime was rationalized and tax reforms being introduced with focus on expanding tax net to mobilize resources, generate more revenue. The government devolved financial powers to provinces and gave 7th NFC award after gap of 19 years which resulted in transferring over Rs 300 billion additional revenues to provinces.
Businessmen, entrepreneurs gave suggestions to revive economy, agriculture, industrial development, trade, investment, exports development, energy crises, tax reforms, broaden tax net, poverty alleviation, jobs creation, growing inflation. PPI
