Asad Umar hailed for taking business community into confidence for boosting economy

ISLAMABAD, Aug 06 (INP): Federal and all regional chambers across the country on Monday lauded Finance Minister designated Asad Umar for his recently announced prudent economic policy for taking business community into confidence in decision-making process for preparing the national agenda for economic revival and traders will cooperate with the government at every level to accelerate the pace of development in the country.

SAARC CCI SVP and Chairman United Business Group (UBG) Iftikhar Ali Malik enquired about his health as he got foot injury while riding on a horse during a ceremony held at his constituency to congratulate him for bagging victory in the elections. He also thanked the federal minister in-waiting for his wishes and assured support to the business-friendly policies of the PTI upcoming government. “We hope Asad Umar will make every effort to accomplish economic revitalisation and an escape from deflation, while steadily implementing growth strategies.”

In one-on-one meeting with PTI stalwart leader and seasoned economist Asad Umar ,he assured him that business community throughout the country would cooperate with the forthcoming PTI government at every level without compromising the interests of the business community. He said that Asad Umar told him that all out efforts will be made on top priority to restore the confidence of the foreign and local investors and pave way for smooth foreign direct investment by ensuring congenial business friendly atmosphere. Asad Umar said their party has prepared a comprehensive plan to meet the economic challenges facing the country. He said PTI government would constitute an Economic Council and a Business Advisory Council for resolving economic issues of the country after seeking suggestions from the concerned business community. He reiterated his party’s stance not to compromise on matters of national security. He said the government’s role in economy is that of a facilitator and the role of private sector is vital for restoring and uplifting it. There are 200 state-owned enterprises (SOEs) that cost the exchequer Rs650 billion due to mismanagement, politicized leadership and ailing infrastructure. He said they will rid these SOEs and depoliticize them. The PTI plans to create a wealth fund to transfer ownership of these SOEs and bring in professional managers to restructure them. He said they will not privatize everything because of strategic reasons but he added that they will first fix them and later decide which ones to privatize. PTI chief Imran Khan had emphasized the importance of agriculture in his post-election speech, he added. Asad Umar seconded this, saying that they would strengthen agriculture and increase its competitiveness. The PTI’s policy will include subsidy optimization, reduction of input costs and agri credit. It will incentivize the sector for value-added exports. He also suggested Asad Umar make a comprehensive special package of power and gas tariffs for rapid industrial growth on the pattern of China. He said UBG believes in the rule of law, promotion of democratic norms, and supremacy of the constitution, besides complete transparency in the affairs of the federation. INP/AJ