KARACHI: The Employers’ Federation of Pakistan(EFP) has proposed that the Government of Pakistan (GOP) should form a National Business Task Force with the aim of Pakistan’s economic revival. The Task Force should have priority focus on increasing exports, development of new and potential growth industries, Import Substitution and Debt Restructuring.
President, Employers’ Federation of Pakistan(EFP), Ismail Suttar said that the Business Task Force should operate with a clearly defined hierarchy where a Task Force leader is proposed by the prevailing Government. For example, the reason for Pakistan’s COVID task force success was primarily due to competent leadership by Asad Umar, where swift response was taken to contain the virus from spreading.
“The Government, Financial Institutions and members of the Business Community must unanimously support the Task Force in achieving their economic objectives. The Task Force should have complete autonomy to propose changes in economic policy. Furthermore, the Task Force should be given complete authority to operate without any political pressure/agenda.
EFP president added that the Government institutions should fully comply with demands and recommendations set out by the National Business Task Force. After conducting a risk assessment, the Task Force will focus all efforts on making the business environment more conducive and identifying bottlenecks in ease of doing business. The National Business Task Force should provide policy recommendations on the country’s export/import policy, budget allocation, Banking policy, etc. The National Task Force should also devise a ‘Pakistan Strategy’ and thus set targets for the country’s progress. These targets should be in line with the Sustainable Development Goals (SDG’s) so that economic progress is accompanied with socio-economic development.
Ismail Suttar stated, “It is high time that a National Business Task Force is brought into action to explore opportunities for economic revival. Pakistan is facing several issues at once with a growing debt crisis, surging global inflation, Global supply chain shocks and an ever-increasing US Dollar. A competent National Task Force will help in identifying ways to overcome these issues through strengthening economic policy and reform. Pakistan’s economy can regain stability with an injection of USD 10-15 Billion, a target that is very much achievable if proper reform is brought about in economic policy.”
He further said that existing thriving export industries such as agriculture, textile, etc. should be further incentivized and newer industries should be developed. For example, Pakistan has a huge potential to become a leader in the IT industry. Furthermore, comprehensive policy should be devised for the upheaval of the SMEs sector of Pakistan which contributes over 40% in GDP of Pakistan and 25% in overall exports.
The National Business Task Force must be focused on achieving the same goal as that laid out by the Government in the Pakistan 2025 Vision document stating “Our ultimate destination is to see Pakistan among the ten largest economies of the world by 2047 – the centennial year of our independence.”
He was of the opinion that EFP is committed in aiding the in policy making for the Employers of Pakistan. A joint effort by the business community and the Government will help in paving the way forward for Pakistan’s economic revival.
