- Despite daunting challenges like terrorism, energy crisis and declining law and order situation the economy has performed well and has immense potential to grow: ICCI president
Islamabad Chamber of Commerce and Industry (ICCI) President Zafar Bakhtawari while addressing the students of The Shaheed Zulfiqar Ali Bhutto Institute of Science and Technology (SZABIST) said, “Pakistan’s economy offers a promising career to young entrepreneurs and professionals and students should work hard to play a positive role in making the economy strong.”
He was speaking as the keynote speaker at the orientation ceremony organised by SZABIST for its newly enrolled students of different disciplines from Bachelor to PhD programs.
He gave students a new hope and confidence in the future of Pakistan and assured them that the current problems will be solved soon and the country would emerge as a strong economy.
He observed that after 9/11, Pakistan’s economy had to face big challenges like terrorism, declining law and order and energy crisis. “If these problems were not there, today Pakistan would have become a fast developing nation like China,” he added.
He stated that despite these challenges trade and industry still performed well which shows that the economy has the potential to grow fast if governed with the right blend of policies and a nourishing environment.
He stressed that instead of seeking jobs on completion of their education, students should try to start their own business ventures as entrepreneurship offers them bright career prospects in Pakistan. “By becoming entrepreneurs you will not only become financially strong, but contribute positively to the development of the national economy by providing jobs to others,” he opined.
Moreover, he observed that Pakistan’s tax revenue was up to Rs 400 billion during 55 years, from 1947 to 2002, while it improved up to Rs 2000 from 2002 to 2012, which shows that Pakistan’s economy remained on a better growth trajectory. “The real problem is that public expenditure always outpaced the tax revenue as expenditure increased from Rs 500 billion in 2002 to Rs 13000 billion in 2012,” he said.
He urged the government to take measures to control all unnecessary expenditures to get rid of the chronic problem of fiscal deficit. He also stressed upon the need of developing a fair tax system as the industry is overburdened with taxes. “The share of industry in country’s GDP is 26 percent but it contributes 66 percent to tax revenue, while agriculture with a share of 20 percent in GDP is paying less than one percent in tax revenue,” he added.
He was of the view that elimination of all exemptions and implementation of a fair tax system would encourage better tax compliance in the country.
He encouraged students to instill in them qualities of honesty, integrity, hard work and commitment and to gear up for assuming the responsibility of making Pakistan a progressive and prosperous country.
Moreover, SZABIST Campus Head Dr Bakhtiar Ali and the faculty members gave a detailed orientation to the students about their study programs.
