Government Asked to Focus on Promoting Big Business Houses for Revival of Economy

Islamabad, August 06 (Online Int’l): The government should focus on creating a conducive environment for promoting big business houses in the country that would give a boost to economy and put Pakistan on the path of sustainable economic growth.

This was observed by Ch. Abdul Majeed, Chief Executive, Multi-Professional Cooperative Housing Society, Islamabad while addressing the business community at Islamabad Chamber of Commerce & Industry. He said that doing business and undertaking development projects was not the job of the government and urged that it should facilitate the private sector to do these things in order to generate more economic activity in the country.

Ch. Abdul Majeed said that the government should focus on minimizing the energy cost and involve the private sector in producing cheap hydro energy as attracting local and foreign investment at Rs.19/per unit energy cost would not be feasible for the country. He further emphasized that the government should create one window facility for business start-ups and investors as they have to currently deal with over 50 government institutions due to which promoting investment in Pakistan was a challenge.

Speaking at the occasion, Muhammad Ahmed Waheed, President, Islamabad Chamber of Commerce & Industry (ICCI) lauded the vision of the Prime Minister of Pakistan for reviving the economy through promotion of construction industry and announcing an attractive package for it. He said that the government should extend the last date for investing in the construction industry from 31st December 2020 to 31st March 2021 so that maximum investors could take advantage of this package.

He said that a boost in the construction industry would promote over 50 allied industries and help in the early revival of our economy. He also lauded the move of CDA to establish a new Directorate for quick processing of building plans to facilitate the construction industry and hoped that such positive measures of CDA would give boost to construction projects in the federal capital.

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