Muhammad Saleem

Entrepreneurs of Faisalabad want the government to take them on board while devising economic policies. Talking to WealthPK, Zia Hussain, a garment exporter, said they had to strengthen their business ties with the Chinese firms, which were rapidly capturing the global markets. He said China had been a reliable friend of Pakistan through thick and thin, which should be translated into strengthening the business ties. "Recently a Chinese delegation led by Luo Zhaohui of China International Development Cooperation Agency visited Pakistan to explore possibilities for investments," he added. Sensing the emerging challenges, the government has to promote people-to-people contacts so that entrepreneurs of Pakistan could benefit from the experiences of their Chinese counterparts, he suggested. Aftab Ahmed, a dyeing unit owner, said strong connections with economically powerful countries like China were imperative for the economy of Pakistan. "China has demonstrated exceptional efficiency in textile and agriculture sectors, which can benefit Pakistan."

He asked the government to sit with the entrepreneurs to tackle the persisting economic challenges the country was facing. "Our textile sector has the potential to create countless jobs; however, it is grappling with the issue of the high cost of doing business. The surging energy rates are buffeting the business activities," he added. Muhammad Umer, a businessman who imports products from China, talking to WealthPK said scores of Pakistani businessmen were interested in trade in Chinese products. "However, they are unable to do so for various reasons, one of which is delayed shipment of products." He said business-friendly policies were crucial to help curtail surging inflation and generate unemployment. "Currently, businessmen are in a bind due to unpredictable rates of energy, and to eradicate this uncertainty, the government must fix energy rates for long-term to facilitate industrial and commercial consumers," he suggested. Zia, the garment exporter, pointed out that industrialisation had resolved issues of nations worldwide.

He argues that policymakers are ignoring this important aspect of development. He believes that by focusing on agriculture and industry, Pakistan can generate the much-needed funds and create jobs. He said the government must evolve a strategy, facilitating regular visits of Pakistani entrepreneurs to China. He said it's an established fact that entrepreneurs were the engine of economic growth of a country. "Entrepreneurs are struggling to convince policymakers to stabilise energy rates for industries. But the government is not taking them on board," he regretted. "Collaboration between the government and entrepreneurs is key to uplifting economy. The government must incentivise the industry so that it can perform efficiently," Aftab, the dyeing unit owner, stressed. He said Prime Minister Shehbaz Sharif had a meeting with the business community in Karachi recently. "Now, the PM should strive hard to resolve their issues on priority."

Credit: INP-WealthPk