ISLAMABAD, JAN 17: /DNA/ – Nasir Mansoor Qureshi, President of the Islamabad Chamber of Commerce and Industry has highlighted the critical role of the private sector in Pakistan’s economic development. He emphasized that the private sector role in reducing unemployment and poverty cannot be ignored. Furthermore, it fosters innovation and entrepreneurship by supporting start-ups and small businesses, thereby driving the creation of new industries and opportunities.
In a statement issued here on Friday, President Qureshi also noted the potential of the private sector in promoting export-led growth, particularly in industries like textiles, pharmaceuticals, mines and minerals, food processing, and IT to boost the foreign exchange earnings. He stressed the importance of public-private partnerships in delivering public services and infrastructure projects, benefiting from the combined strengths of both sectors.
To fully tap into the private sector’s potential, ICCI President called for policies that encourage entrepreneurship, innovation, and investment. He concluded by asserting that a collaborative effort between the government and private sector could unlock Pakistan’s economic potential, foster growth, and pave the way for a prosperous future.
On their part, Senior Vice President Abdul Rehman Siddiqui and Vice President Nasir Mehmood Chaudhry said that the private sector’s ability to innovate and adapt to changing market trends can help Pakistan stay competitive in the global economy.
But the private sector in Pakistan faces challenges like access to finance, taxation, and political instability, which impacts its ability to create jobs, despite these challenges, the private sector remains a vital contributor to Pakistan’s economy and job market, they added.
