The United Business Group (UBG) in the Federation of Pakistan Chamber of Commerce and Industry reposed full confidence in PM Imran Khan for successfully pursuing prudent economic policies to offset the impact of coronavirus on national economy.
The delegation led by Lahore Chamber s Executive Committee Member Shahid Nazir Chaudhry while talking to a traders the UBG Central Chairman Iftikhar Ali Malik said that it was a good sign that Prime Minister was taking top elected leaders of business community from all sectors into confidence prior to formulation of monetary and trade policies to boost national economy in the wake of deadly COVID-19 pandemic.
Shahid Nazir Chaudhry said UBG top leadership including its patron-in-chief SM Munir, President Zubair Tufail, Secretary General Zafar Bakhtawari, Secretary Information Dr Mirza Ikhtiar Baig, presidential candidate for FPCCI Dr Nouman Idris, Khalid Tawab, Feroze Gulzar, Almas Hyder, Malik Sohail Hussain and other members of core committee decided in principle to support the Prime Minister Imran Khan and extend helping hand in the larger national interests for bringing gradually structural economic reforms mainly aimed at strengthening economy.
He further added that “Private sector is the backbone of economy and engine of economic growth, as it help creates jobs, increases trade, provides goods and services to the poor besides generating tax revenue for the government.” added that government had a central role in supporting economic growth and reducing abject poverty by fully ensuing result-oriented sustainable policies.
Chaudhary also said the major constraints to economic growth identified by the private sector were directly linked to government decisions and actions to remove those on top priority so that economic activities in the country gained momentum.
He said that “Private sector provides around 90% of formal and informal jobs, funds 60% of all investments and pays 80% of the tax revenues,”
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