January 06, 2024 (MLN): The government’s five-year initiative, 'Uraan Pakistan,' aimed at achieving sustainable economic development in the country, was endorsed by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Monday.

FPCCI President Atif Ikram Sheikh expressed the business community's full support for the government’s five-year economic plan, “Uraan Pakistan”, as APP reported.

He described the initiative as a pivotal step toward building a robust foundation for an inclusive economy.

President FPCCI said that the solution to Pakistan’s economic challenges lies in export-led growth, which has been given special attention in this program.

While a large portion of the country’s exports consists of textile products, he emphasized that the Information Technology (IT) sector also requires special focus.

After diversifying trade in the country, there is now a need to focus on both traditional and non-traditional products to increase the country’s exports.

He highlighted that an 11% increase in exports, a 34% increase in remittances, and a 34% increase in IT exports are key achievements of the economic development.

He hailed the current economic recovery and said that a long-term reform agenda is required for the success of the ‘Uraan Pakistan’ plan and said the economy will develop only when the wheel of small, medium, and large scale industry runs at full capacity.

Atif Ikram Sheikh said that sustainable economic growth is possible only when the prices of electricity and gas are competitive with other countries in the region.

Meanwhile, welcoming the government's five-year economic plan, ‘Uraan Pakistan,’ Abdul Rehman Siddiqui, the acting President of the Islamabad Chamber of Commerce and Industry (ICCI), acknowledged the potential of Prime Minister Shehbaz Sharif’s ambitious initiative.

He emphasized that the “Uraan Pakistan” plan, focusing on the 5Es (exports, e-Pakistan, environment, energy, equity, and empowerment), can guide the country toward sustainable growth.

He further supported the Prime Minister’s emphasis on privatizing and outsourcing loss-making State-Owned Enterprises (SOEs) as essential measures to curb financial losses and improve efficiency in the public sector.

Siddiqui called for the active involvement of business leadership, particularly Chambers of Commerce, in formulating economic policies to ensure that these policies are practical and viable.

He also suggested assigning export tasks to foreign missions, particularly trade counselors, to effectively support Pakistan’s export goals.

President of the Gujranwala Chamber of Commerce and Industry (GCCI), Rana Muhammad Siddique Khan, hailed the five-year homegrown national economic plan, “Uraan Pakistan” (2024-29).

He said that this comprehensive plan will play a significant role in sustainable economic development in the country.

The five-year homegrown national economic plan, “Uraan Pakistan” (2024-29), was announced by the government as a milestone in sustainable economic growth.

The President of GCCI termed it as a significant step for the restoration of the country’s economy.

He further said that currently the country’s economy is facing major challenges and the business community of Gujranwala welcomes “Uraan Pakistan” and considers it pivotal for the country’s economic development.

He said that this comprehensive five-year economic plan (2024-29) has three main pillars including the leading role of the Private sector, exports-led growth, and managing the public debt, which was quite relevant for the restoration of the national economy.

Meanwhile, praising the economic strategy evolved by the current economic team of the government, he said that now “We achieved economic stability and through the comprehensive economic road of ”Uraan Pakistan” country’s economy to achieve sustainable economic growth also.”

Copyright Mettis Link News

Posted on: 2025-01-06T15:13:35+05:00