PBC recommends strategy for Economic Revival

May 3, 2021

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Pakistan Business Council in a Proposals has recommended strategy for Energy Sector Reform, Export Growth, and Industrial Recovery in the economy of Pakistan.

The Chief Executive of PBC, Mr. Ehsan Malik in a letter to the Federal Minister of Industry and Production Khusro Bakhtiar, has recommended that “Made in Pakistan” is a sustainable solution to create jobs, increase value-added exports and boost import substitution. ..

Two million young people of working age need work every year, in addition to nearly 10 million unemployed or unemployed. In light of this, PBC CEO said the skills need to be developed to increase value and diversify exports.

According to him, economic diplomacy should focus on better market access for our export products.

He also highlighted some key measures to reform the energy sector. One of them included a suggestion by the federal government to limit its role to fair regulation, such as removing barriers to transportation and securing employment.

It also recommended that the terms of the agreement reached with the IPP and the use of excess capacity be met with a price cap to stimulate industrial use.

The owner suggested privatizing state-owned companies (which should not resign) or handing over their management to technically qualified companies in the private sector.

The letter emphasized that the Pakistani tax system needs political advantages that are politically motivated to impose those benefits outside the tax base.

The private sector is crowded with government loans. The recent opening of the TERF by the State Bank of Pakistan (SBP) showed a particular interest in investing. This should contribute more.

The letter also recommends a five-year national export agreement that prioritizes exports to achieve sustainable growth in value-added exports in Pakistan.