KARACHI – Leading Business Leader of Asia, Former President Lahore Chamber of Commerce and Industry, Former President Federation of Pakistan Chambers of Commerce and Industry, Chairman Guard Group, Chairman Founders Group, Chairman United Business Group, President SAARC Chamber of Commerce and Industry Iftikhar Ali Malik in an exclusive interview said that the level of development of all the countries in the world is not the same, conditions should not be created due to which some countries fall into the abyss of poverty, industry after agriculture. The second major pillar of our economy is the third pillar, the workers who send money to Pakistan with the spirit of not hesitating to sacrifice their lives for remittances overseas.
Talking about the country’s economic growth and rehabilitation, he said that a large segment of the population needs to increase their skills so that they can benefit from biotech, IT, and other skills and engineering. No matter where we stand for industrialization in the next ten years, remember that the decline and non-operation of domestic industries is a matter of concern for us. He said that the important aspect is to see which overseas capital “Our governments don’t do enough to help start new business ventures and industries, compared to other countries,” he said. He said that a comprehensive plan should be formulated for providing loans at low-interest rates. He said that the availability of tax incentives for new industries should also be ensured. Newly started domestic industries should be exempted from surcharges and other duties for the first 3 years. He said that such industrial estates and industrial areas should be established which are small He said that special workshops and research laboratories should be set up in all the villages and a special program of domestic industries should be given in each village according to the local capacity. He said that if possible, special technical institutes and universities should be assisted for the development of domestic industries and special funds should be set aside for this.
He said that they do not believe in making a profit by selling plots but manufacturing process. He said that he believed in the role and hard work of industrialists and traders in increasing exports. He said that money should be kept in the budget for sick industries as well. He said that nationalization had caused the great loss. The business community is still fighting to strengthen the country’s industry and trade sector. Efforts should be made to boost industrialization by promoting industrial trends. He said that the increase in growth rate is welcome but so far. The desired results were not found. The reform aspect should be highlighted in all the lines of the budget. The reduction in the rates of other taxes, including the reduction of sales tax, has become inevitable. The taxation system will also have to be improved to increase the tax net. What is happening in the world, if our rulers know the power, then see what is happening in our country and why we are following the old path? He said that tax should be levied only if there is income otherwise he said that public sector development programs should be strengthened and more funds should be set aside for health and education. He said that according to the UN Charter, governments have a responsibility to provide health and education facilities to the people.
Commenting on the forthcoming budget, Iftikhar Ali Malik said that industrialization is the best way for the common man to get rid of inflation and unemployment. The second process is to develop agriculture and provide tractors, fertilizers and easy loans for agriculture. More than that, there is a need to think about modern farming methods and the use of modern machinery. He said that redundant departments should be abolished and new departments based on IT facilities should be set up. He said that funds should be set aside in the budget for the facilities required for international certification and tests so that the barriers to export to our pharma sector and food sector could be removed. He said that the claims of development and prosperity of the country would not be true without improving the lives of the common man. He said that Pakistan has a lot of potential now to utilize this potential and bring all resources into the national mainstream. He said that Pakistan is moving in the direction of development. He said that the first two years of the present government were very difficult. The government inherited economic difficulties, which was realized. We keep sending suggestions to the government and hope that they will be given priority and implementation will be made possible. He said that utilizing the potential of the youth and improving the SME sector is an important need of the hour. Despite the Corona lockdown, GDP growth is welcome. Pakistan is succeeding in economic recovery, business friendly policies can further improve the situation.
He said that the increase in the growth rate of the industrial sector is welcome. Inflation has also increased by 5 to 10 percent, the private manufacturing sector will have to be supported, results can be obtained. Iftikhar Ali Malik said that regarding the environment, the Prime Minister of the United Kingdom Boris Johnson has praised the Prime Minister of Pakistan Imran Khan’s Ten Billion Tree project and efforts, for which the Prime Minister of Pakistan congratulates Imran Khan.
Talking about the role of the present government for the economic development and recovery of the country and the efforts of the Prime Minister of Pakistan Imran and Finance Minister Shaukat Tareen, he said that he wanted to give credit to the present government for one thing. He said that the trend of transparency in projects has been promoted and above all that the Prime Minister of Pakistan Imran Khan himself and his team discuss economic issues and problems almost daily. He said that the success of the government on FATF is also commendable. He said that the seriousness with which the Prime Minister of Pakistan Imran Khan has discussed the water crisis is also commendable, it will have a positive impact in the future. ? He said that the economic situation of the country was stuck in a whirlpool which now seems to be spiraling out of circulation. He said that the government could take the country’s economy out of the whirlpool of problems due to business-friendly policies.
