All policies must be focused on economic revival, says Iftikhar Ali Malik

ISLAMABAD:Central Chairman, United Business Group (UBG) and the veteran trade leader Iftikhar Ali Malik Sunday said that all policies should be focused on economic revival of the country to make Pakistan an attractive place for the foreign investors.

Talking to a delegation comprising local traders here, he said that at this point, country was not there where it should be despite having all kind of resources. He said that lack of research culture is the major reason for economic ills of the country,” says a press release issued here on Sunday.

He said that promotion of research culture will also 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 lack of knowledge and research is one of the biggest reasons of our economic ills.

He said that unavailability of authentic data is coming in the way of Pakistan’s external trade. Iftikhar Malik said that our exports falling short of target which is not a good omen for the economy at all.

Iftikhar Malik said that our exports are limited to a few merchandise and dependent on a few countries which was the biggest reason of decline in exports.

He urged the government to conduct market research to find out new destinations for the Pakistani products which are best in the world as far as quality and price is concerned.

He said that Pakistani Missions abroad should be duty bound to introduce Pakistani products to the foreign buyers and also ensure dissemination of trade related information so that Pakistan entrepreneurs could avail trade opportunities to the maximum.

“It is time to diversify our businesses and have to add new products to attract maximum foreign buyers for Pakistani products”, he added.

Iftikhar Malik said that government would have to introduce “Knowledge and Research” culture in all sectors of economy including energy.

He said that promotion of research in energy sector would suggest best solution of power shortfall being experienced by the country since long.

He said that developed countries are researching and finding out new ways of power generation while we are playing the role of silent spectators. “Only public-private partnership could make a big breakthrough in the field of “Knowledge & Research” therefore government should take business community on board at all economic matters”, he demanded.

He said that the good thing is that that the incumbent government under the dynamic leadership of Prime Minister Imran Khan has full potential and firm commitment to drive the country out of present economic crisis.

Iftikhar Malik is of the view that no one is questioning integrity and sincerity of Prime Minster Imran Khan and that is the reason that the business community of the country has full confidence in Imran’s leadership qualities.

He also appreciated Pakistan Tehreek-e-Insaf (PTI) government for taking prompt action on complaints, forwarded by the business community, related to agriculture and maritime sectors that required immediate intervention.