ISLAMABAD (APP): Federation of Pakistan Chamber of Commerce and Industry’s United Business Group (UBG) Thursday unanimously reposed full confidence in Prime Minister Shehbaz Sharif for pursuing prudent economic policies to help steer the country out of economic crunch.
Talking to a delegation of traders led by president UBG Zubair Tufail, Central Chairman UBG Shahzad Ali Malik said it’s good omen that Prime Minister was taking top elected leaders of business community from all sectors into confidence prior to formulation of monetary and trade policies to push the national economy in the wake of deadly pandemic.
He said UBG top leadership including its patron-in-chief SM Munir,founder chairman Iftikhar Ali Malik, secretary general Zafar Bakhtawari, Secretary Information Dr Mirza Ikhtiar and other members of core committee today decided in principle to support the prime minister and extend helping hand in the larger national interests for bringing gradually structural economic reforms mainly aimed at strengthening economy.
He said the private sector is backbone of economy and engine of economic growth, creating jobs, increasing trade, providing goods and services to the poor besides generating tax revenue.
He said government plays a central role in supporting economic growth and reducing abject poverty by fully ensuing result oriented sustainable policies.
He said the vast majority of constraints to economic growth identified by the private sector are directly linked to government decisions and actions which he added needs to be addressed on top priority to accelerate the economic activities in the country.
Shahzad Ali Malik said that continuous stable democratic process is a key factor for sound economy. The prime minister attached great importance to the private sector for ease of doing business and all out sincere efforts are being made to provide business friendly environment to gear up trade activities, he added.
He said private sector provided around 90% of employment including formal and informal jobs which also funded 60% of all investment and provided 80% of government revenue.
He said private sector will continue to contribute its role in boosting export and to speed up industrialisation for prosperity of the down trodden segments of the society, he concluded.
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