ICCI demands urgent privatization of loss-making SOEs to reduce fiscal deficit

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ICCI demands urgent privatization of loss-making SOEs to reduce fiscal deficit

Islamabad, NOV 8 /DNA/ – Ahsan Zafar Bakhtawari , President, Islamabad Chamber of Commerce and Industry (ICCI), leading a delegation, met with the Irfan Siddiqui, Chairman, Senate Standing Committee on Federal Education and Professional Training, and discussed with him the contours of a future economic policy for the country. Faad Waheed Senior Vice President, Engr. Azhar ul Islam Zafar Vice President ICCI, Zafar Bakhtawari Former President and Secretary General UBG Pakistan and Rizwan Chheena Executive Member ICCI were in the delegation.

Addressing the delegation, Senator Irfan Siddiqui, Chairman, Senate Standing Committee on Federal Education and Professional Training, said that the business community is the major stakeholder in the development of the economy and he would raise their key issues at every relevant forum for redress. He welcomed the proposals of the delegation for future economic policy, promoting entrepreneurship among the youth to make the youth skilled and professional and assured that these proposals will be discussed in the committee meetings so that they can be considered for implementation. He also appreciated the suggestions of the delegation to make the manifesto of PML-N business friendly and assured that if PML-N comes to power, it will take measures to facilitate them in business development.

Speaking on the occasion, Ahsan Zafar Bakhtawari, President, Islamabad Chamber of Commerce and Industry said that the government should urgently privatize all loss-making SOEs including PIA, Pakistan Steel Mills and Pakistan Railways to reduce its fiscal deficit. He proposed that the government should work for the establishment of a common market of OIC, SAARC and Shanghai Cooperation Organization to promote regional trade. He said that youth are the future of Pakistan, so it is necessary to adapt the educational curriculum according to the needs of the current age to prepare skilled and professional youth. It would improve their employability, promote business activities and put the economy on the path of sustainable development. He said that the students joining organizations are found deficient in practical work, so he suggested that the university students should be bound to work as interns in the industries in the last year of their education program to gain practical experience and play an active role in the development of the industrial sector.

Faad Waheed, Senior Vice President ICCI, said that the current tax system is quite complex due to which new taxpayers are not motivated, so he emphasized the need to bring necessary reforms in the tax system to expand the tax net.

Engr. Azhar ul Islam Zafar, Vice President ICCI highlighted the importance of the construction industry in the development of the economy, which is currently facing many problems. He shared useful suggestions to provide better incentives to the construction sector for its better growth.

Zafar Bakhtawari, Former President ICCI and Secretary General UBG Pakistan highlighted the importance of trade with neighboring countries for Pakistan, which can give better promotion to our trade and exports. He also shared useful ideas for facilitating the local investors.