Rise in cost of doing business is hurting the industrial growth: Saqib Rafiq

Rise in cost of doing business is hurting the industrial growth: Saqib Rafiq

Rawalpindi: /DNA/ – Policy should be formulated in consultation with stakeholders, Chambers Presidents’ Conference Rahimyar Khan address

The Rawalpindi Chamber of Industry and Commerce and Industry (RCCI) President Saqib Rafiq has said that immediate steps should be taken to reduce cost of doing business. Addressing the All Pakistan Chambers Presidents Conference in Rahim Yar Khan Saqib Rafiq said that the economic and industrial activities have shrunk due to increase in production cost.

Saqib Rafiq said that the policy should be made in consultation with the stakeholders, at this time the Pakistani economy is facing many challenges, there is an energy crisis, renewable energy i.e. green energy has to be promoted, without promoting the industry, economic Progress is impossible.

Whether it is SMEs or large-scale industry, both sectors are suffering from high cost of doing business, electricity and gas are many times more expensive. He said that the business community in Pakistan has several expectations from the new government.

We demand for creating a conducive environment for business growth, improving economic stability, and addressing challenges that hinder entrepreneurship and investment.

He said that Pakistan’s economy could be put on the path of stability by promoting industrialization in the country. No doubt industry played a major role in the success of any country’s economy, however, the Small and Medium Enterprises (SMEs) sector being an important component of any industry, helped the industry to grow manifold. The promotion of industry will generate more jobs thus ensuring prosperity of the labour class, he added.

Saqib Rafiq urged that since the continuity of policies in Pakistan is essential for achieving economic stabilization and growth by providing stability, predictability, and confidence to investors and businesses. The Special Investment and Facilitation Council (SIFC) has played a significant role in promoting economic stabilization and growth in Pakistan by facilitating investment, streamlining business processes, and addressing challenges faced by investors. He also suggested that to improve transparency, accountability, E-governance and digitization is the key to check corruption, ensure transparency in the system.

The scope of Business Facilitation Centers should be spread across the country, he added.