LAHORE: All policies should be focused on an economic revival of the country to make it attractive for foreign investors, said Lahore Chamber of Commerce and Industry Acting President Muhammad Nasir Hameed Khan.
Talking to a delegation of businessmen, he said that at this point the country is not where it should be despite having all kinds of resources.
Citing lack of research culture as the major reason for economic ills of the country, Khan said that its promotion will help overcome various internal issues like decline in exports, energy crisis, lowest tax-to-GDP ratio, inefficiency of public sector entities, brain-drain, shortage of skilled human resources and low industrial production etc.
He said that unavailability of authentic data is hindering Pakistan’s external trade. “Our exports are falling short of target, which is not a good omen for the economy at all,” said the LCCI official. “Our exports are limited to a few merchandise and dependent on a few countries, which was the biggest reason for the decline.”
He urged the government to conduct market research to find new destinations for Pakistani products, which are best in the world as far as quality and price is concerned.
Pakistani Missions abroad should be duty bound to introduce Pakistani products to foreign buyers and also ensure dissemination of trade-related information so that Pakistan entrepreneurs could avail trade opportunities to the maximum, Khan added. “It is time to diversify our businesses to attract maximum foreign buyers for Pakistani products.”
He said that the government would have to introduce “knowledge & research” culture in all sectors of economy including energy. Promotion of research in energy sector would suggest best solution of power shortfall being experienced by the country since long, the acting president remarked.
Developed countries are researching and finding new ways of power generation while we are playing the role of silent spectators, lamented the official.
“Only public-private partnership could make a big breakthrough in the field of knowledge and research therefore the government should take business community onboard in all economic matters.”
