Govt needs to take measures to reform economy: ICCI


The worsening situation of governance, power, infrastructure, political turmoil, meager planning and deteriorating law and order situation, are contributing to the decline in economic activity and investment in the country. Government needs to take aggressive measures on priority basis to improve the fragile foreign investment condition and to put the country on track of economic growth and development. Islamabad Chamber of Commerce and Industry (ICCI), President Yassar Sakhi Butt, in a statement said image of Pakistan needs to be improved to encourage foreign investors. “Media can play a proactive role in positive image building, as our country is highly ranked among the most lucrative destinations for profitable investments,” he added.
President said negative growth in foreign investment would adversely affect the country’s economic growth. He said that while reacting to World Bank’s report on foreign investment which stated that foreign investment in Pakistan has declined by 60 per cent against just 2 per cent decline in India and 20 per cent in Sri-Lanka; while, China, Indonesia and Bangladesh, have achieved phenomenal economic growth by attracting foreign investment. He also added that economic managers should also device and implement growth oriented strategies to attract foreign investors for bringing the country out of the current serious economic turmoil. He said government could better cope up with the problems of poverty, unemployment, fiscal deficits and slow pace of development, by attracting investment. More FDI would create jobs, improve productivity, promote businesses, push up forex reserves and ultimately strengthen economy. Government should maintain continuity of policies like, other countries in the region, and also develop a close liaison with businesses, industries and chambers within the country to increase investment opportunities.